US Equity Derivatives Strategy: Cheap Hybrids & Healthcare Inflection; Deleveraging, Q2 Earnings Vol, and Trades at Midseason

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US Equity Derivatives Strategy: Cheap Hybrids & Healthcare Inflection; Deleveraging, Q2 Earnings Vol, and Trades at Midseason

J P M O R G A N Global Markets Strategy

03 August 2026

US Equity Derivatives Strategy

Cheap Hybrids & Healthcare Inflection; Deleveraging,

Q2 Earnings Vol, and Trades at Midseason

• Correlation extremes: Cross-asset correlations are at extreme levels as Global Equity Derivatives Strategy

AC allocations pivot around a tightly-linked macro chain. Buy SPX-up/EUR- Bram Kaplan, CFA

down hybrids to monetize elevated correlation and position for equity upside (1-212) 272-1215

alongside a bearish EUR outlook. Alternatively, SPX-down/EUR-up hybrids bram.kaplan@jpmorgan.com

provide a low-cost hedge against renewed Fed credibility risk. J.P. Morgan Securities LLC

Daniel Motoc, CFA AC

• Healthcare inflection: Our equity strategists see Healthcare nearing an (1-212) 622-0105

inflection point on durable growth, Tech-like profitability, attractive daniel.motoc@jpmchase.com

valuations, and diversification. Express via XLV call spreads, calls on our J.P. Morgan Securities LLC

J.P. Morgan Healthcare Franchise and Innovation baskets, and worst-of- Arda Sebuktekin AC

calls on [LLY, GILD, UNH]. (1-212) 270-4397

arda.sebuktekin@jpmchase.com

• Earnings update: Despite elevated expectations into the quarter, Q2 earnings J.P. Morgan Securities LLC

are again delivering broad-based beats, while earnings-day moves are Yangyang Hou

coming in below implied. (1-212) 834-6734

• Single-name ideas: Into earnings, we like NU call spreads on a positive setup yangyang.hou@jpmorgan.comJ.P. Morgan Securities LLC

and an outsized benefit from the government debt-relief program, and HD call

spreads to play continued sales improvement against low expectations. Tony SK Lee

(852) 2800-8857