GLOBAL WEEKLY KICKSTART: Underlying Turbulence Ahead of Peak Earnings Week

Research evidence excerpt

GLOBAL WEEKLY KICKSTART: Underlying Turbulence Ahead of Peak Earnings Week

Portfolio Strategy Research

27 July 2026 | 1:48PM BST

GLOBAL WEEKLY KICKSTART

Underlying Turbulence Ahead of Peak Earnings Week

Global equities were broadly flat last week, with Japan up 2026 US Portfolio Passport: Analyzing foreign sales Guillaume Jaisson

+44(20)7552-3000 |

1.7%, while the US lagged by -0.7% (Exhibit 1). Energy led exposure of US firms guillaume.jaisson@gs.com Goldman Sachs International

sector gains (+3.6%), supported by a further 10% rally in n US companies remain largely domestic-facing. Peter Oppenheimer

Brent (Exhibit 4). US earnings sentiment improved (Exhibit Foreign sales account for 28% of S&P 500 revenues, +44(20)7552-5782 | peter.oppenheimer@gs.com

21), with reported S&P 500 companies beating consensus unchanged from 2024, with Information Tech the only Goldman Sachs International

earnings expectations by 14% on average, led by sector generating a majority of revenues overseas Sharon+44(20)7552-1341Bell |

Technology. Europe has also been resilient. Value continued (53%). The Russell 2000 derives 20% of revenues sharon.bell@gs.comGoldman Sachs International

to outperform Growth (Exhibit 28). A pivotal week ahead, internationally versus 39% for the Nasdaq-100. John Kwon

| +65-6654-6337with earnings and macro data set to drive markets. jongmin.kwon@gs.com n Geographic revenue exposure matters through both

Goldman Sachs (Singapore) Pte

FX and growth channels. Domestic-facing stocks have

Giovanni Ferrannini

|Macro data this week outperformed alongside USD strength, although our FX +44(20)7051-2589

giovanni.ferrannini@gs.com

Goldman Sachs InternationalUS: Q2 GDP, core PCE inflation and July FOMC meeting. strategists expect a broadly flat dollar through

year-end.