Transportation & Logistics: Weekly Fast Track: Week 3 Recap & Week 4 Look Ahead, Seasonal TL Softness

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Transportation & Logistics: Weekly Fast Track: Week 3 Recap & Week 4 Look Ahead, Seasonal TL Softness

J P M O R G A N North America Equity Research

31 July 2026

Transportation & Logistics

Weekly Fast Track: Week 3 Recap & Week 4 Look

Ahead, Seasonal TL Softness

This weekly publication highlights current transports and logistics trends across a Airfreight & Surface Transportation /

wide range of truckload, intermodal, LTL, ocean, and airfreight market metrics. Shipping

The rail section also includes a report card that simplifies how the network is Brian P. Ossenbeck, CFA AC

performing relative to history and peers while also tracking carload trends versus (1-212) 622-1023

consensus expectations. brian.p.ossenbeck@jpmorgan.com

Grady Carr

Key topics of the week: Looking back on Week 3 and ahead to Week 4. This (1-212) 622-1251

grady.carr@jpmchase.com

week CP made its case for the best growth story in rails with greater visibility into

Brandon Wexleran accelerating topline but the surprising share price weakness suggests the market

(1-212) 622-1956

wanted an official guidance hike similar to its peers. In parcel, UPS brandon.wexler@jpmchase.com

underperformed after a soft 3Q Domestic guide raised questions on the earnings J.P. Morgan Securities LLC

power of the business post-Amazon glide down with looming risks from the

Teamsters negotiation and wage inflation. On the TL front, WERN and SNDR

offset driver availability challenges by boosting productivity which will help

transition to stronger realized rates in 2H26. In brokerage, CHRW plummeted as

the recent nuclear verdict made it clear that until a reasonable care standard

emerges it will be a bumpy road ahead for all brokers, including LSTR which