US Market Intelligence Afternoon Briefing

J.P. Morgan remains tactically bullish on US stocks due to tech strength and potential US-Iran de-escalation. Chase data shows total May spending growth at 5.1% Y/Y, though rising essential costs are pressuring discretionary spending across income cohorts.

Key Takeaways

• 1.Maintain a tactically bullish view on US equities, driven by Tech fundamentals and optimistic sentiment regarding a potential US-Iran MOU.
• 2.Chase spending data for May shows total growth of ~5.1% Y/Y, but highlights a regressive trend where essential costs (gas) are increasingly absorbing discretionary budgets, hitting lower incomes first.
• 3.A significant rally is occurring in the power and renewables complex, with Independent Power Producers (IPPs) and solar names seeing historic advances.

Table of Contents

• IDEAS & INSIGHTS – IN BRIEF
• AFTERNOON UPDATES (NEWS LINKS)
• CATALYSTS TOMORROW (FULL WEEK CALENDAR)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• JPM CONSUMER RESEARCH: CHASE SPENDING DATA
• TRADING DESK COMMENTARY
• US MKT INTEL VIEWS
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS
• GLOBAL CALENDAR

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