J.P. Morgan
May 12, 2026
US Market Intelligence Morning Briefing
Daily UpdateEquitiesCommoditiesRates Govt BondsInformation TechnologyEnergy
J.P. Morgan maintains a tactically bullish stance on US equities, viewing the current technology pullback as a buying opportunity ahead of key CPI data. The report recommends diversifying into copper and precious metals while monitoring core inflation outcomes.
Key Takeaways
- 1.Tactically bullish outlook for US markets driven by resilient macro and strong earnings, despite near-term Tech pullback.
- 2.Recommend adding copper exposure (JPG1COPP Index or COPX) due to Global Growth Reboot theme and low Chinese inventories.
- 3.Anticipated CPI print: Headline MoM +0.51% (3.6% YoY) and Core MoM +0.36% (2.7% YoY).
Table of Contents
- IDEAS & INSIGHTS – IN BRIEF
- JPM MARKET INTEL MORNING UPDATES
- CATALYSTS TODAY (WEEK AHEAD)
- JPM MARKET INTEL EQUITY & MACRO NARRATIVE
- DR. COPPER?
- CPI SCENARIO ANALYSIS
- US MARKET INTEL VIEW
- NEWS LINKS
- WEEKLY ECONOMIC DATA / EARNINGS
- US CALENDAR
- ECONOMICS
- EARNINGS
- GLOBAL CALENDAR
- POLITICAL CATALYSTS
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Authors
Andrew TylerEloise Goulder
Securities
NDXSPXCOPXWTI
Themes
AI Capex and Semiconductor MomentumGeopolitical Hedge (Strait of Hormuz)
Regions
North AmericaEuropeAsia PacificUnited StatesChinaSouth Korea