Goldman Sachs
July 6, 2026
Midday Market Intelligence
Daily UpdateCommoditiesEquitiesFXEnergyFinancials
Goldman Sachs reviews emerging themes for 2Q earnings season, highlighting persistent AI capex, the 'frozen' US housing market, and interest rate trends. The note also updates forecasts for aluminum prices and USD/EUR currency levels.
Key Takeaways
- 1.The US housing market remains 'frozen' as 80% of homeowners with mortgages hold rates below current market levels, limiting supply.
- 2.AI investment remains the key earnings season theme, with strong semiconductor demand and hyperscaler capex, while investors pivot focus to ROI.
- 3.Higher-for-longer rates persist due to ongoing AI infrastructure financing, which Goldman expects to benefit banks but creates headwinds for housing.
Table of Contents
- Midday Market Intelligence: themes...
- before earnings
- chart of the day - a 'frozen' US housing market
- What to watch for
- Today's market performance - July 6, 2026, 12:43 PM
- Resource Corner
- Disclosure Appendix
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Authors
Chris HusseySarah HerrKshitij Garg
Securities
NUE
Themes
AI InfrastructureGLP-1 Medicare AdoptionUS Housing Market Lock-in
Regions
Middle EastEuropeAsia PacificUnited StatesChina