US Market Intelligence Afternoon Briefing

The US market closed lower as cyclical sectors lagged, while investors await major earnings from NVDA and TGT. JPM maintains a tactically bullish stance but advises caution and hedging due to potential tech-led volatility.

Key Takeaways

• 1.JPM remains tactically bullish on the US market but has reduced conviction due to the high probability of a tech-led pullback.
• 2.Markets are heavily focused on NVDA earnings tomorrow, with buy-side revenue expectations ($80.97b) exceeding consensus.
• 3.Japanese Government Bond (JGB) yields have hit record highs, driving concerns over issuance and global rate pressure.

Table of Contents

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

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