JPM | APAC THEMATICS - Semis: Unwind accelerates / Key buyside bars: Meta & Microsoft today / Hyperscalers: Credit spreads widening / Fed: JPMe no hike today / Strategy: Case to revisit Healthcare

研报英文原文证据摘录

JPM | APAC THEMATICS - Semis: Unwind accelerates / Key buyside bars: Meta & Microsoft today / Hyperscalers: Credit spreads widening / Fed: JPMe no hike today / Strategy: Case to revisit Healthcare

Specialist Sales

APAC Specialist Sales J P M O R G A N

28 July 2026

Market Commentary:

US OVERNIGHT - S&P flat... but semis struggle again with the SOX -4.5%. The S&P +0.2% managed to stay above water, but

it was another day of broadening-out with the DJIA +1% vs the SOX -4.5%, as the rout in Tech continued. At the sector level…

Healthcare, Staples & Materials led on the upside, while Energy, Tech & Industrials traded lower. The broader macro backdrop

was constructive with DXY and oil both lower on signs of Iran de‑escalation, 2y yields -3bps to 4.29% and 10y -4bps to 4.61%.

The VIX -3% also eased back to 18. In single stocks, Kering ADR +16% ripped on “less-bad” Gucci commentary, Apple +1%

ticked higher on its new Klarna-backed “Apple Upgrade” leasing program, while Meta was flat ahead of results and amid

headlines around a large Texas data-center build with BlackRock. Post-market, a lot of reversals… Bloom Energy -11% in the

regular session before rallying back +11% post-market on a guidance raise, Teradyne -4% regular before +14% post-market after

3Q EPS beat, and Seagate -9% in regular before +6% post-market on strong results & guidance.

Themes & Macro:

GLOBAL STRATEGY - Healthcare… attractive risk/reward (Dubravko Lakos Bujas). The market’s obsession with AI &

adjacent themes has left several casualties in its wake. Healthcare is one example… yet global markets strategist Dubravko argues

it offers a rare combo of durable growth, tech-like profitability, attractive valuation and diversification benefits at a time when

many investors remain heavily concentrated in AI.