US Market Intelligence Afternoon Briefing

Latest edition · August 26, 2026

JPM US Market Intelligence | Afternoon Briefing Aug 26

J.P. Morgan US Market Intelligence remains tactically bullish on equities as solid earnings from NVDA and CRM provide a relief rally ahead of the Jackson Hole Symposium. Macro data showed steady Q2 GDP at 1.5% and in-line core PCE inflation, leaving rate expectations largely unchanged.

US equity indices closed essentially unchanged on August 26, 2026, but post-market trading was buoyed by strong earnings. Nvidia surged +5% after forecasting a 70% revenue increase in fiscal 2028, overcoming initial gross margin guide weakness (74% vs 75% orthodox), while Salesforce gained +12% on strong bookings and an Anthropic partnership. In macro data, PCE printed in-line and Q2 GDP was unrevised at 1.5%. J.P. Morgan Market Intelligence maintains a Tactically Bullish view via a Tech/Cyclicals barbell strategy broadened to include Mag7, Software, Financials, Energy, and Precious Metals.

Key takeaways from the latest edition

• 1.J.P. Morgan Market Intelligence maintains a Tactically Bullish view on US equities, advocating a barbell strategy across Tech (spreading into Mag7 and Software) and Cyclicals (Financials, Energy, Metals/Miners).
• 2.NVDA shares rallied +5% post-market after management guided for a 70% revenue increase in fiscal 2028, reversing an initial -3% post-earnings dip caused by a gross margin guide step-down to 74%.
• 3.US PCE data was in line with expectations while Q2 GDP was confirmed at 1.5%, keeping September FOMC hike expectations steady and supporting H2 growth acceleration expectations.

What this series covers

• IDEAS & INSIGHTS – IN BRIEF
• AFTERNOON UPDATES (NEWS LINKS)
• CATALYSTS TOMORROW (FULL WEEK CALENDAR)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• TODAY
• MRVL (Aug 27 ~4:05pm ET, call 4:45pm) – Josh Meyers, TMT Spec Sales
• US MKT INTEL VIEW – We published below in the Aug 24, 2026 Morning Briefing
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS
• NEAR TERM CATALYSTS
• J.P. Morgan Global Market Intelligence Contacts

Edition archive

• JPM US Market Intelligence | Afternoon Briefing Aug 26

  August 26, 2026

• JPM US Market Intelligence Afternoon Briefing Aug 17

  August 17, 2026

• JPM US Market Intelligence Afternoon Briefing - Aug 11

  August 11, 2026

• JPM US Market Intelligence | Afternoon Briefing: Stocks closed lower; CPI Scenario Analysis: August 10, 2026

  August 10, 2026

• JPM US Market Intell Afternoon Briefing 2026 08 05

  August 5, 2026

• JPM US Market Intell Afternoon Briefing 03 08-3

  August 3, 2026