US Market Intelligence

Latest edition · September 2, 2026

JPM US Market Intelligence | Morning Briefing

J.P. Morgan Market Intelligence has shifted to a tactically cautious/neutral stance on US equities over the next 2–3 weeks due to Fed rate hike risks, post-Labor Day spread widening, and September seasonality. The team recommends long NDX / short RTY positioning, favoring Mag7, software, and healthcare while hedging through credit ETF shorts and VIX exposure.

In the September 2, 2026 Morning Briefing, J.P. Morgan US Market Intelligence updates its stance to Tactically Cautious / Neutral. Although macro expansion and solid earnings support the medium-term bull market, near-term headwinds—including Fed hawkishness ahead of the September 16 FOMC meeting, elevated bond yields following Middle East tensions, credit issuance spikes, and negative September seasonality—are expected to drive sideways chop. Delta-One flows show significant duration cuts and rotation from financials/energy into tech/healthcare. The team previews AVGO earnings (6.3% implied move), provides an NFP scenario analysis pointing to a 'good news is bad news' setup, and updates the Monetization Menu to favor +NDX/-RTY, Mag7, large-cap banks, and healthcare.

Key takeaways from the latest edition

• 1.J.P. Morgan US Market Intelligence shifts to a Tactically Cautious / Neutral stance due to near-term headwinds including Fed rate hike risks, post-Labor Day credit spread widening, September seasonality, and momentum factor unwinds.
• 2.NFP is set up in a 'good news is bad news' dynamic where a strong print may push bond yields higher and weigh on equities, while Michael Feroli forecasts +50k jobs with a 4.1% unemployment rate.
• 3.Delta-One flows show aggressive duration trimming with rotation into front-end rates, alongside equity rotation from financials, industrials, and energy into tech and healthcare.

What this series covers

• IDEAS & INSIGHTS – IN BRIEF
• JPM MARKET INTEL MORNING UPDATES
• CATALYSTS TODAY (WEEK AHEAD)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• CONSUMER SPENDING
• CREDIT DEFAULT RATES
• EARNINGS PREVIEW & BUYSIDE BARS – Josh Meyers
• DELTA-ONE FLOWS & POSITIONING
• JPM MKT INTEL: NFP SCENARIO ANALYSIS
• US MKT INTEL VIEW
• ROADMAP TO 26Q4
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS
• US CALENDAR
• GLOBAL CALENDAR
• NEAR TERM CATALYSTS
• AI / TECH CATALYSTS
• POLITICAL CATALYSTS

Edition archive

• JPM US Market Intelligence | Morning Briefing

  September 2, 2026

• JPM US Market Intelligence | Morning Briefing

  August 31, 2026

• JPM US Market Intelligence | Morning Briefing

  August 26, 2026

• JPM US Market Intelligence Macro Week Ahead

  August 17, 2026

• JPM US Market Intelligence | Afternoon Briefing: Thoughts on CPI

  August 12, 2026