Report published June 1, 2026

US Market Intelligence Afternoon Briefing: J.P. Morgan Analysis (June 1, 2026)

J.P. Morgan · June 1, 2026

J.P. Morgan maintains a tactical bullish stance on US equities despite geopolitical tensions in the Middle East, noting an intraday reversal led by Software outperformance and short covering.

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Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.US stocks staged an intraday reversal following Trump's positive comments on Israel/Hezbollah, recovering from a selloff triggered by Iran blockade headlines.
2.The Software sector is seeing a massive rally as sentiment shifts from broadly bearish to nuanced, leading to short covering and right-sizing by hedge funds.
3.ISM-Manufacturing data showed an upside surprise in New Orders and Employment, signaling resilient demand despite inflationary headwinds.

IDEAS & INSIGHTS – IN BRIEF
AFTERNOON UPDATES (NEWS LINKS)
CATALYSTS TOMORROW (FULL WEEK CALENDAR)
JPM MARKET INTEL EQUITY & MACRO NARRATIVE
THOUGHTS ON ISM-MFG
TRADING DESK COMMENTARY
MISLAV: JUNE CHARTBOOK
US MKT INTEL VIEWS
MONETIZATION MENU
ADDITIONAL HEDGES
OLD MONETIZATION MENU
NEWS LINKS
WEEKLY ECONOMIC DATA / EARNINGS
POLITICAL CATALYSTS

Report data

EM Performance and USD Strength

Metric	Estimate	Context
WTI Crude Price	92.36 USD	Intraday price action following Iran headlines.
2Q26 GDP Forecast	2.5%	Upgraded from 2.0% (and previously 1.5%) based on resilient economic data.
Software Sector Performance	7.9%	Software outperformed other sectors during the afternoon reversal.

Source: J.P. Morgan; Michael Feroli. This is a dated model snapshot, not a live forecast.

Reports in this series

US Market Intelligence Afternoon Briefing is shown in chronological order through this edition, published on June 1, 2026.

Part of the US Market Intelligence Afternoon Briefing series — view all 33 editions

Looking for the latest edition? JPM US Market Intelligence Afternoon Briefing Oct 12 (Oct 12, 2026)

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Authors / Editors

Andrew Tyler · Market IntelligenceFederico Manicardi · Market IntelligenceEloise Goulder · Head of Data Assets & Alpha GroupBrian Heavey · Trading Desk Commentary (TMT/Software)