Midday Market Intelligence: rotation nation

Research evidence excerpt

Midday Market Intelligence: rotation nation

Goldman Sachs Midday Market Intelligence

better-than-expected Intermodal margins and 10% load growth, though

management remains cautious regarding competitive pressures on the West Coast,

as Jordan Alliger discusses in “JBHT: First Take.” Finally, airline UAL reported a 2Q

beat on unit cost performance but issued 3Q and FY2026 guidance below consensus

due to a significant run-up in jet fuel prices since early July, despite strong

contractual corporate revenue growth, as Catie O’Brien highlights in “UAL: First

Take.”

n Healthcare. UNH reported a meaningful 2Q beat across both its health insurance

and health providing network, driven by lower-than-expected medical costs and

pricing discipline. Management raised 2026 adjusted EPS guidance, signaling an

accelerating recovery in insurance and care delivery margins and reinforcing that the

turnaround in both operations remains firmly on track, as Scott Fidel discusses in

“UNH: First Take.”

n Financials. STT reported a solid 2Q beat with EPS of $3.65, 9% above consensus,

driven by stronger net interest income and capital markets fees, while establishing

new medium-term targets including a 35% pre-tax margin and mid-20% ROTCE by

2029, writes Alex Blostein in “STT: First Take.” Separately, regional bank CFG

delivered a PPNR beat on higher top-line revenues and raised its full-year NII

guidance to ~13% growth, with private bank results remaining a highlight through

$1.2bn in spot deposit growth, as Ryan Nash discusses in “CFG: First Take.” And

finally, big bank USB reported a fee-income driven beat and upgraded its full-year

revenue guidance to 7-9% growth, supported by 8% YoY loan growth and 400bps of

positive operating leverage, as Richard Ramsden highlights in “USB: First Take.”