US Morning Call: July 22, 2026

Research evidence excerpt

US Morning Call: July 22, 2026

Investment Research and are not an official view of Goldman Sachs.

Any third party referenced herein, including any salespeople, traders and other professionals or members of their household, may have positions in the

products mentioned that are inconsistent with the views expressed by analysts named in this report.

This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual

clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate,

seek professional advice, including tax advice. The price and value of investments referred to in this research and the income from them may fluctuate.

Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in

exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.

Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.

Investors should review current options and futures disclosure documents which are available from Goldman Sachs sales representatives or at

https://www.theocc.com/about/publications/character-risks.jsp and https://www.goldmansachs.com/disclosures/cftc_fcm_disclosures. Transaction

costs may be significant in option strategies calling for multiple purchase and sales of options such as spreads.