US Market Intelligence Morning Briefing

J.P. Morgan maintains a tactically bullish stance on US equities, citing record corporate earnings growth and AI-driven hardware demand. The outlook is tempered by high tech positioning and critical upcoming CPI data.

Key Takeaways

• 1.J.P. Morgan Market Intel remains Tactically Bullish on the US market, driven by resilient macro conditions, strong earnings, and continued AI infrastructure builds.
• 2.The AI trade is expanding from semiconductors into memory and hardware, with significant rallies in Korean indices and specific hardware names like HPQ and DELL.
• 3.Earnings season is exceptionally strong, with 89% of S&P 500 companies reporting revenue growth of 11.3% and earnings growth of 27.7%, both well above 5-year averages.

Table of Contents

• IDEAS & INSIGHTS – IN BRIEF
• JPM MARKET INTEL MORNING UPDATES
• CATALYSTS TODAY (WEEK AHEAD)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• ADDITIONAL THOUGHTS
• GEOPOLITICS
• POSITIONING INTELLIGENCE – Weekly Wrap | The Tech Trade Rolls On
• CPI SCENARIO ANALYSIS
• ECON / FICC BULLETS
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS
• US CALENDAR
• GLOBAL CALENDAR
• POLITICAL CATALYSTS

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