Report published September 28, 2026
J.P. Morgan: US Market Intelligence Afternoon Briefing (September 28, 2026)
J.P. Morgan · September 28, 2026
J.P. Morgan Market Intelligence turns tactically bullish on US equities, recommending outright long Tech exposure rather than hedging against the Russell 2000. Despite headwinds from 10-year Treasury yields reaching 5.25% and Fed rhetoric on AI-driven demand inflation, resilient economic growth and earnings upside support higher equity valuations.
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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.J.P. Morgan Market Intelligence reinstates a Tactically Bullish equity view, closing out the Russell 2000 short hedge due to squeeze risks as bond yields stabilize and oil heads lower.
- 2.US equities fell across major indices (SPX -0.8%, NDX -1.1%) as the 10-year Treasury yield touched 5.25% (a 19-year high) amid hawkish Fed commentary noting AI capex may stoke near-term inflation.
- 3.Meta poached MongoDB CEO CJ Desai to head its new Enterprise Platform, triggering heavy pullbacks across enterprise software application peers (HUBS, ADBE, CRM, NOW).
Table of Contents
- Ideas & Insights – In Brief
- Afternoon Updates
- Catalysts Tomorrow
- JPM Market Intel Equity & Macro Narrative
- Today
- Tomorrow / Later This Week
- Trading Desk Commentary
- US Mkt Intel View
- News Links
- Weekly Economic Data / Earnings
- AI / Tech Catalysts
- Political Catalysts
Report data
MU F4Q26 / F1Q27 Buyside Survey vs Guidance and Consensus — as of September 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 10-Year US Treasury Yield (Intraday Peak) | 5.25% | Reached an intraday 19-year high amid broad bond selling. |
| NVIDIA Share Buyback Expansion | 150 USD Billion | Incremental repurchase program bringing total authorization to $235B (2.77% of market cap). |
| WTI Crude Oil Price | 92.60 USD/bbl | Closed slightly higher after Trump rejected Iran's proposal, offset by pipeline restarts. |
| Projected August JOLTS Job Openings | 7400 thousand | JPM projection (Feroli) forecasting a rise from 7,271k in July, holding the rate at 4.4%. |
| MU F4Q26 Survey Mean EPS | 33.27 USD | Buyside survey mean EPS vs consensus $31.52 and guide $31.00. |
Reports in this series
US Market Intelligence Afternoon Briefing is shown in chronological order through this edition, published on September 28, 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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