Market Intelligence: US Morning Update

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Equity Research

29 July 2026 | 8:34AM EDT

Market Intelligence: US Morning Update

Click “here” to listen to the US Morning Call.

Stocks in Asia were mixed Wednesday with Korea (down another 6% overnight),

Japan and Taiwan still weighed down by shifting sentiment around the AI Tech trade.

Korea’s KOSPI is down over 15% this week but still up 34% ytd, highlighting how, so

far, much of the trade action we have seen around Tech has been tied more to taking

off some market froth than expressing any fundamental view around stocks.

Chris Hussey

+1(212)902-7564 |

Goldman Sachs & Co. LLC

Sarah Herr

Goldman Sachs & Co. LLC

Kshitij Garg

Goldman Sachs India SPL

European equities are little changed this morning as investors react to a slew of

earnings releases (including DBKG and UBS) and a spike in oil prices overnight in

reaction to renewed hostilities in the Middle East (front-month Brent is up $4/bbl to

$86). Remarkably, Europe’s economy has been less impacted by the energy crisis

than you might have expected, and our economists highlight how reduced energy

dependence alongside more growth-friendly fiscal policy, robust household

finances, supportive financial conditions, and firm global growth—partly linked to

the AI cycle—have all helped cushion the shock in “Europe: Sources of Resilience.”

In rates markets, yields on 10 year Treasuries are benign.

Three stocks. We are entering into the height of earning season this week and last

night brought a slew of results that are driving strong alpha opportunities today.

Three stocks caught our attention: one indicating it might trade up nicely (STX), one

indicating it may trade down modestly (V) and one indicating it might sell off a lot

after already having sold off a lot this year already (CSGP).

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STX. NAND and DRAM memory have been in focus over the past 3 months, but

STX provided a strong update on an old memory storage technology — hard disk

drives — as Jim Schneider discusses in “STX: Continued pricing momentum and

HAMR ramp should bolster confidence in earnings power and capital returns Buy.” HDD supply remains tight and STX guided to a much higher than expected

earnings path ahead.

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V.…