Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

7 July 2026 | 8:46AM EDT

Click “here” to listen to the US Morning Call. Chris Hussey

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia traded lower Tuesday, with Korea down almost 5% as this Tech-heavy Goldman Sachs & Co. LLC

market continues to experience volatility on the heels of an 82% ytd return. John Sarah Herr

+1(212)357-0094 | sarah.herr@gs.com

Kwon expects Korea to travel a bumpy path given inherent memory sector volatility Goldman Sachs & Co. LLC

amplified by dealer hedging of levered ETFs, as he detailed in the Jul-5 strategy note, Kshitij Garg

“Korea: A broader opportunity set in 2H26.” This volatility was on display overnight +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

as shares of Samsung Electronics lost 9% on the session.

In Europe this morning, stocks are trading only a touch lower, as recent performance

has been much more tempered (the STOXX 600 is up only 10% ytd) and the region

has comparatively fewer Tech stock opportunities. Investors are also digesting a

strong industrial production report in Germany (see “Germany: Industrial Production

Above Expectations in May”). The strength in Germany’s Industrial complex comes

on the back of strength we saw in Retail activity last week (see also “Global: GS

Economic Indicators Update: Euro Area Activity Data Surprises to the Upside”).

Across asset classes this morning, yields on 10-year US Treasuries continue to

bounce up against 4.5% and front-month Brent is up a dollar today to ~$73/bbl.

Focus on: AI and beyond. Three notes out today from our analysts with a definitive

AI bent:

1. SPCX. Eric Sheridan, Noah Poponak, and Mike Ng collaborate to launch coverage

of recent $2+ trillion IPO SPCX at Buy in “SPCX: Scaling Through Vertical