US weighed on equities despite broad earnings support

High Frequency Monitor Broad support

US weighed on equities despite broad earnings support 27 July 2026

Global equities moderated -0.3% last week as escalating Middle East tensions lifted oil Quant Strategy (+9.2%) and US bond yields (+13bp), while AI capex scrutiny hit some large Tech stocks Global despite stronger earnings. Japan was the best performing region (+1.7%) followed by Emerging Markets (+0.5%), while the US fell -0.7%. The best performing global sectors were Energy (+3.6%), Semiconductors (+1.9%), and Materials (+1.6%), while Media (- 6.6%) and Consumer Discretionary (-4.8%) fell the most. Last week, the Global Earnings Revision Ratio improved from 0.99 to 1.10 and upgrades now outnumber downgrades in Nigel Tupper >> Quant Strategist every major region. Earnings remain supportive of global equity markets. Merrill Lynch (Australia) Best performing global theme last week was Gold Amar Vashi >> The best performing global themes last week were Gold (+4.9%), Defense (+3.9%) and Quant Strategist Merrill Lynch (Australia) Data Centers (+3.3%), and the worst performers were SaaS (-6.5%), Rare Earths (-3.7%), and AI Data & Platforms (-3.3%). Year-to-date, the best performing global themes Sumuhan Shanmugalingam >> remain Photonics, AI Compute, and Data Centers. Quant Strategist Merrill Lynch (Australia) Highest ranked global sectors: Semis, Tech Hardware Triple Momentum remains strongest for Semis, Tech Hardware, and Banks. Among large and liquid stocks globally (min $20bn market cap and $20mn ADTV), the Triple Momentum Rank is highest for Marathon Petroleum, King Slide, Yageo Corp, Yuanta Financial, Nanya Tech, Accton Tech, Micron Tech, and Centene Corp. Unless otherwise noted all links on the front page of this report refer to Chart 1: Weekly Global Earnings Revision Ratio sections in this research report. The Global Earnings Revision Ratio is close to a five-year high  Market Performance 1.8 Weekly Earnings Revision Ratio  Style Performance

# Stocks Upgraded / # Downgraded 1.6 3-Week Rolling Average Earnings Revision Ratio 1.4 Average Earnings Revision Ratio 1.2  Earnings Revision Ratio 1.0  Earnings Revision Ratio by Style 0.8 0.6  NewsAlpha 0.4 0.2  Word Cloud 0.0 Tactical Indicators Jan-10  Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26  Volatility Source : BofA Global Quantitative Strategy, MSCI, IBES, RavenPack BofA GLOBAL RESEARCH  Rates

 Triple Momentum Trading ideas and investment strategies discussed herein may give rise to significant risk and are not suitable for all investors. Investors should have experience in relevant markets and the financial  Themes resources to absorb any losses arising from applying these ideas or strategies. >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 76 to 78.

Contents Notice to Readers: 3 Market Performance 4 Market Breadth 6 Style Performance 7 Global Wave and Earnings 8 Earnings Revision Ratio 9 Quantessential Styles: Earnings Revision Ratio 11 NewsAlpha 12 Tactical Indicators 15 Commodities 17 Volatility 18 Fed 19 Rates 20 Valuation 23 Revenue Exposure 24 Triple Momentum 25 Global Regions: Triple Momentum Charts 29 Global Sectors: Triple Momentum Charts 32 Countries: Triple Momentum Charts 40 Themes 43 Performance by Theme 43 Ranking by Triple Momentum 45 What’s Improving / Deteriorating? 46 Global Stocks (Most Important) by Theme 49 Asia Stocks (Most Important) by Theme 52 Country…