US MARKET INTELLIGENCE | MORNING BRIEFING

研报英文原文证据摘录

US MARKET INTELLIGENCE | MORNING BRIEFING

JULY 27, 2026

IDEAS & INSIGHTS – IN BRIEF

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

• ADDITIONAL THOUGHTS – Earnings Update, Fed Preview, Flash PMI review, Rates, Seasonality,

and Tariffs

• POSITIONING INTELLIGENCE – Weekly Wrap | TPM hits "Attractive" Signal Into Earnings; HFs

Fade Mag7 While Covering Shorts Elsewhere

• COMPARISONS TO 2008: MACRO, CREDIT, AND EQUITY SECTORS – the TL; DR is No, today is

not similar to 2008, economically; though, AI poses broad risks to Equities and Credit.

• ENERGY UPDATES – Ellen gives the latest updates and ramifications for Equities

JPM MARKET INTEL MORNING UPDATES

• SPX +0.9%, NDX +1.5%, RTY +1.3%. WTI -727bps at $82.82, NatGas -439bps to $2.75, UK NatGas

-798bps to £1.4181, Gold +96bps to $4,092, Silver +184bps to $59.25, 10Y @ 4.635%, and VIX @

17.66.

• US: Futures are higher with NDX and RTY outperforming. The pause in MidEast hostilities is the

driver as oil prices collapse, bond yields and USD are lower. The market may be setting up for a

bounce; Positioning Intel team’s Tactical Positioning Monitor flashed a Buy signal with the latest

pullback. Watch for a decline in Fed hike pricing as another tailwind for risk assets. Pre-mkt, yields

are down 3-4bp as DXY is poised for its worst move in two wks. Cmdtys are being dragged by Energy

/ Ags with bids in Metals, where Precious is leading Base. In Eqys, Semis are bid with Mag7 pushing

higher with 6 of 7 names up at least 1%, pre-mkt. Energy / Staples will start the session in the red but

today is setting up as an ‘Everything Rally’. Today’s macro data focus is on Durable / Cap Goods plus

Fed regional activity indicators.

• EU/UK: Major markets are all higher led by Germany and Spain with UK the laggard.