U.S. SMID FIRST TO MARKET

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U.S. SMID FIRST TO MARKET

North America Equity Research

U.S. SMID First to Market 29 June 2026

Top Stories

Global Data Watch (Bruce Kasman)

While chasin’ the clouds away

• Oil price forecast falls; upside growth risk rises

• Consumption moderates, while business spending displays strength

• Nudging 2Q26 up for Euro area and down for US

• Next week: Solid June US jobs and global mfg. PMI; EA HICP moderates

Derivatives Exchanges (Kenneth B. Worthington, CFA)

A Primer on Perpetual Futures — Limited Risk to the Traditional Futures Structure for Institutional

Traders, but Leveraged Spot Can Work for Retail

Perpetual futures — commonly referred to as “perps” — dominate cryptocurrency trading globally. Recent approval by the

CFTC for Bitcoin perps for Kalshi and Coinbase and the growth of perpetual futures trading in real-world-assets at Hyperliquid

have further increased the product’s visibility to U.S. investors who are trying to better evaluate their outlook. We see perps,

which are currently retail products traded outside the U.S., having broader appeal to U.S.

JPM E&P, Integrateds, and Refiners (Arun Jayaram)

10 Key Takeaways from 2026 JPM Natural Resources Conference: Macro Uncertainty Overshadows

Favorable Micro Updates

JPM View: JPM hosted our 11th annual Natural Resources conference last week, which featured 141 corporates and 1,161

participants. Macro-related concerns were front and center at the conference, which overshadowed a number of favorable

micro-level updates, including positive breaking news from XAR, CVX, and MUR. Our discussions with investors suggest that

this level of macro uncertainty, including how the Middle East conflict ultimately unfolds, has made it challenging to add to