Goldman Sachs
July 2, 2026
US Morning Call
Daily UpdateEquitiesMacro Economic IndicatorsConsumer DiscretionaryEnergy
This report provides a daily summary of market developments, highlighting the cooling of small-cap outperformance and updates on airline earnings and corporate developments like NKE and SPGI.
Key Takeaways
- 1.Small-cap outperformance driven by AI infrastructure is expected to fade in 2H, though the asset class remains a rich opportunity set.
- 2.Airlines sector outlook raised due to tighter capacity, improved fare trends, and lower fuel prices.
- 3.AI's impact on tech sector hiring slowdown is estimated at only 0.5 percentage points, with pandemic-era over-hiring being the primary driver.
Table of Contents
- Strategy/ Small Caps
- Economics
- Airlines
- Consumer
- Insurance
- Services
- Oil
- Rating & Conviction List Changes
- Other Notable Research
- Webinars, Podcasts & Conferences
- Upcoming Conferences
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Authors
Christopher Sanossian
Securities
NKESPGI
Themes
AI Infrastructure ImpactCorporate Spin-offs & EfficiencyPost-Pandemic Hiring Normalization
Regions
GlobalAsia PacificUnited StatesChinaSouth Korea