US Macro Thematics

J.P. Morgan identifies a shift in market drivers from geopolitical risk to corporate earnings and inflation. Technical overextension in key sectors like Semiconductors suggests that recent market moves are driven by positioning rather than structural geopolitical threats.

Key Takeaways

• 1.Market drivers have shifted from geopolitical risk to earnings execution and inflation data paths.
• 2.Geopolitical re-escalation acted as a catalyst for market moves that were already overdue due to technical overextension.

Table of Contents

• WORST CEASEFIRE EVER
• CTA levels
• Current CTA Levels
• JPM Global Macro Research
• J.P. Morgan - Market Strategy & Macro Contacts
• Disclaimers

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