J P M O R G A N North America Credit Research 17 July 2026 HG & HY Consumer Checkup If They Hadn't Scored, We Would've Won... Credit (HY > HG) outperformed Equities on the week.The S&P declined -1.5% on the week, led by a sharp reversal across TMT (semiconductors and AI-linked mega caps) as investors questioned elevated valuations and the sustainability of AI capex. US and Iran hostilities and disruptions around the Strait of Hormuz pushed oil prices higher (Brent +16% to >$88/bbl), reinforcing inflation an ...