Report published September 23, 2026
US Market Intelligence Afternoon Briefing – J.P. Morgan (September 23, 2026)
J.P. Morgan · September 23, 2026
US equities retreated as Treasury yields surged across the curve, with the 10-year topping 5.11% following strong September PMI data and Brent crude rising past $103. J.P. Morgan Market Intelligence maintains a Tactically Cautious / Neutral stance while favoring Tech over Russell 2000.
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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 equities fell broadly (SPX -0.8%, NDX -0.9%, RTY -1.8%) triggered by a sharp rise in Treasury yields, with the 5Y and 10Y yields breaking technical resistance above 5%.
- 2.Surging bond yields were driven by hot September PMI data showing 5-year high composite activity and steep input cost inflation, combined with weak 5Y auction demand and Brent crude topping $100.
- 3.JPM Market Intel maintains a Tactically Cautious / Neutral stance due to elevated energy prices, bond market volatility, and Middle East / Fedspeak risks, preferring Long Tech vs. Short RTY.
Table of Contents
- IDEAS & INSIGHTS – IN BRIEF
- AFTERNOON UPDATES (NEWS LINKS)
- CATALYSTS TOMORROW (FULL WEEK CALENDAR)
- JPM MARKET INTEL EQUITY & MACRO NARRATIVE
- TOP 10 THEMES TO WATCH IN THE RUN-UP TO THE US MIDTERM ELECTIONS (JOYCE CHANG)
- TRADING DESK COMMENTARY
- WEEKLY ECONOMIC DATA / EARNINGS
- US CALENDAR
- GLOBAL CALENDAR
- AI / TECH CATALYSTS
- POLITICAL CATALYSTS
- J.P. Morgan Global Market Intelligence Contacts
Report data
Key figures extracted from this report — as of September 23, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 10-Year US Treasury Yield | 5.114% | Yield surged following strong PMI and weak auction demand, breaking technical 5% barrier. |
| Brent Crude Price | 103.59 USD/bbl | Brent broke $100/bbl on Middle East / Strait of Hormuz disruption concerns. |
| WTI Crude Price | 92.16 USD/bbl | WTI crude moved higher alongside Brent. |
| S&P 500 Performance | -0.8% | US index performance at the close. |
| 5Y Treasury Auction Tail | 3.20 bps | Disappointing end-user demand pushed 5Y yields above 5%. |
Reports in this series
US Market Intelligence Afternoon Briefing is shown in chronological order through this edition, published on September 23, 2026.
Part of the US Market Intelligence Afternoon Briefing series — view all 32 editions
Looking for the latest edition? JPM US Market Intelligence Afternoon Briefing Oct 6 (Oct 6, 2026)
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