US Market Intelligence Morning Briefing

J.P. Morgan's morning briefing maintains a tactically bullish view on US markets as the S&P 500 hits record highs, but warns of stretched positioning in Tech ETFs (XLK) and Semiconductors.

Key Takeaways

• 1.The market is focused on NVIDIA (NVDA) earnings on May 20 following a strong weekly gain for the stock and the S&P 500 crossing 7,500.
• 2.JPM remains Tactically Bullish on US markets due to resilient macro/consumer health and Tech leadership, though they suggest taking some profits in Tech.
• 3.A tactical rotation or hedge is suggested in Technology: retail crowding in Semiconductors is high, while Software positioning is at extremes, creating short squeeze potential.

Table of Contents

• IDEAS & INSIGHTS – IN BRIEF
• JPM MARKET INTEL MORNING UPDATES
• CATALYSTS TODAY (WEEK AHEAD)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• NVDA & AVGO
• SOFTWARE vs. SEMIS
• DATA INSIGHTS: XLK STRETCHED
• TRADING DESK COMMENTARY
• CONSUMER EARNINGS PREVIEWS
• US MARKET INTEL VIEW
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS
• NEAR TERM CATALYSTS
• POLITICAL CATALYSTS

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