J.P. Morgan
July 1, 2026
US Market Intelligence Afternoon Briefing
Daily UpdateCommoditiesCryptoEquitiesEnergyFinancials
The report provides a summary of market movements following a semiconductor-led selloff, discussing the debate around AI CapEx and providing a Tactical Bullish outlook. It also previews the upcoming NFP data and provides updates on LLM token metrics.
Key Takeaways
- 1.The market experienced a selloff in semiconductors and memory, driven by debates over Meta's AI CapEx and broader de-grossing.
- 2.J.P. Morgan Market Intelligence maintains a tactical bullish call for the US market ahead of the Q2 earnings season.
- 3.Macro data for tomorrow (NFP) is central to the short-term outlook, with desks expecting a resilient economy.
Table of Contents
- IDEAS & INSIGHTS – IN BRIEF
- AFTERNOON UPDATES (NEWS LINKS)
- CATALYSTS TOMORROW (FULL WEEK CALENDAR)
- JPM MARKET INTEL EQUITY & MACRO NARRATIVE
- LLM TOKEN TRACKER
- THOUGHTS ISM-MFG
- US MKT INTEL’S NFP SCENARIO ANALYSIS
- TRADING DESK COMMENTARY
- US MKT INTEL VIEWS
- NEWS LINKS
- WEEKLY ECONOMIC DATA / EARNINGS
- US CALENDAR
- ECONOMICS
- EARNINGS
- GLOBAL CALENDAR
- POLITICAL CATALYSTS
Document Preview
Access the Full Report
Get unlimited access to institutional research reports with a 14-day free trial.
Authors
Andrew TylerFederico ManicardiEllen WangVictoria Campos
Securities
METARDDT
Themes
AI Infrastructure CapExDe-grossing and Market PositioningUS-China Trade RelationsUS Macro Economic Resilience
Regions
North AmericaAsia PacificEuropeUnited StatesChinaJapan