CoTD: Q2‘26 Price Check + Broader Implications

研报英文原文证据摘录

CoTD: Q2‘26 Price Check + Broader Implications

Idea

June 24, 2026 11:24 AM GMT

Morgan Stanley & Co. LLCMMulti-Industry | North America Christopher Snyder, CFA

Equity Analyst

CoTD: Q2'26 Price Check + Chris.Snyder@morganstanley.comBrandon Knutson +1 212 761-4470

Brandon.Knutson@morganstanley.com +1 212 761-4168

Broader Implications Toby Okwara

Toby.Okwara@morganstanley.com +1 212 761-1693

Chart of the Day (CoTD) highlights charts that tie into latest Christine Yao

investor conversations, are timely for the macro + company ResearchChristine.Yao@morganstanley.comAssociate +1 212 761-4193

events, or just ones that we find interesting.

Multi-Industry

Exhibit 1: Which verticals have pushed the most price in Q2'26 ? Chart below North America

Industry View Attractive

tracks QTD price action across key US Industrial verticals (May vs March % chg).

While price action is trending at levels not seen since 2022-23 hyper-inflation, cost

inflation is tracking better than feared which signals price / cost tailwinds and

makes the implied 2H ramp screen less difficult

Source: Morgan Stanley Research, Company Reports

As published post Q1 EPS (Revision Report Card), our US multi-industry coverage is

positioned for broad based Q2 beats with Corps providing conservative guides into

improving cycle data – a call we have more conviction in today w/ ISM holding

firm and cost inflation trending more muted than feared. While we have also

highlighted the more difficult 2H bar w/ estimates calling for organic acceleration +

pickup in margin expansion (link), the forecasted 2H ramp seems more achievable

today as continued strength in leading edge indicators (ISM, Orders, Channel

Checks) suggests the YTD momentum is driven by activity rather than channel

build.