US Market Intelligence Afternoon Briefing

J.P. Morgan remains tactically bullish on U.S. equities, as tech and AI themes allow the market to recoup losses from a hotter-than-expected April PPI report. All eyes are on the Trump-Xi summit for potential trade de-escalation.

Key Takeaways

• 1.JPM remains Tactically Bullish on US markets due to resilient macro factors and strong earnings, despite a 'hot' PPI print.
• 2.The April PPI report was significantly higher than expected, signaling potential inflation headwinds for the summer months, particularly in energy and services margins.
• 3.Semiconductors and AI-adjacent hardware continue to drive market rebounds and see record inflows, specifically in DRAM and SOXX ETFs.

Table of Contents

• IDEAS & INSIGHTS – IN BRIEF
• AFTERNOON UPDATES (NEWS LINKS)
• CATALYSTS TOMORROW (FULL WEEK CALENDAR)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• VIEWS ON PPI
• TRADING DESK COMMENTARY
• US MARKET INTEL VIEW
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS
• GLOBAL CALENDAR
• NEAR TERM CATALYSTS
• POLITICAL CATALYSTS

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