Market Intelligence: US Morning Update

Research evidence excerpt

Market Intelligence: US Morning Update

Equity Research

8 July 2026 | 8:37AM EDT

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

+1(212)902-7564 |

chris.hussey@gs.com

Stocks in Asia were mostly lower Wednesday with Korea down another 5% as rising Goldman Sachs & Co. LLC

oil prices and an ongoing tech sell-off weighed on many markets. In Japan, we saw Sarah Herr

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

weaker consumer but better corporate sentiment and foreign investors sold both Goldman Sachs & Co. LLC

stocks and bonds in June (see “Japan: June Economy Watchers Survey: Household DI Kshitij Garg

Declines Slightly, Corporate Sector Improves Mainly in Non-Manufacturing” and +1(212)934-7434Goldman Sachs India| kshitij.garg@gs.comSPL

“Japan: BOP: May Inbound Spending Down YoY for Second Month; Foreign Investors

Large Net Sellers of Japan Equities and Bonds in June”).

European equities are trading notably lower this morning on the rise in oil prices and

the potential for further disruption to Strait of Hormuz trade. Front-month Brent oil

is up another 5% overnight to $78/bbl.

Yields on US 10-year Treasuries are up another 3bps to 4.58% and have now risen by

20bp in July as concerns around stubbornly high inflation are only rising alongside

geopolitical uncertainty.

Ratings reshuffle across retail. Kate McShane downgrades BBWI to Sell, and

upgrades DLTR and RH to Neutral in a trio of notes, “BBWI: Sentiment is below

historical levels, and expanded distribution introduces risk; Downgrade to Sell,”

“DLTR: Sentiment and pricing perceptions are improving, but traffic remains

negative; Upgrade to Neutral,” and “RH: 2027 should see improving top-line and

margins from international galleries and new brand concepts; Upgrade to Neutral.”

n BBWI (-).