US MARKET INTELLIGENCE | MORNING BRIEFING

Research evidence excerpt

US MARKET INTELLIGENCE | MORNING BRIEFING

JULY 23, 2026

IDEAS & INSIGHTS – IN BRIEF

• QUICK MKT THOUGHTS – GOOG earnings, a Bullish view from Gui Infante, and an update on US /

Iran.

• EQUITY DERIVATIVES VIEW ON MAG7 – Adam Halmi shares his thoughts plus trade ideas

• US MKT INTEL VIEW – Tactically Bullish and we update the Monetization Menu

• EXTEL FOR FIXED-INCOME – Extel (formerly II) voting for Fixed-Income has kicked off and we

would appreciate you supporting our colleagues as they look to maintain their #1 ranking in Fixed-

Income Research. Please vote here. Our Analyst roster is here.

• US MKT INTEL’S VIEWS & THEMES note for July is here.

JPM MARKET INTEL MORNING UPDATES

• SPX -0.3%, NDX -0.3%, RTY -0.1%. WTI +369bps at $90.03, NatGas +75bps to $2.95, UK NatGas -

30bps to £1.5098, Gold -85bps to $4,095, Silver -142bps to $58.90, 10Y @ 4.677%, and VIX @

17.58.

• US: Futures are lower as WTI breaches $90/bbl and Brent approaches $100/bbl, pushing bond yields

higher with longer-dated yields seen making new highs, globally. But, the GOOG print while dragging

Mag7 is boosting Semis / AI which may mean the market is returning to its barbell of longs in AI /

Semis plus Energy versus shorts in Rates sensitives. Pre-mkt, US yields are +2bps across the curve

with USD flat. Cmdtys are led by the Energy complex; Base is higher, Precious is lower, and Ags

mixed. In Eqys, Mag7 is weaker with all 7 names lower and GOOG / TSLA the significant

underperformers. Semis / Memory are bid. Defensives and Energy are higher with Cyclicals mostly

lower ex-Industrials which are being boosted as part of the AI theme. Utils are bid with AI outweighing

higher yields. Today’s macro data focus is on Jobless data and regional Fed activity indicators.