US Market Intelligence Morning Briefing

J.P. Morgan maintains a tactically bullish outlook on US equities while flagging risks from bond yield volatility and a recent sharp momentum factor drawdown. The market's near-term direction hinges on NVIDIA's earnings and the afternoon's FOMC minutes.

Key Takeaways

• 1.The market focus is centered on NVIDIA (NVDA) earnings today, which acts as a major catalyst for Tech and Semi sentiment.
• 2.JPM remains 'Tactically Bullish' on the US market but with reduced conviction due to potential Tech-led pullbacks and positioning risks.
• 3.AI compute constraints remain a primary theme, with OpenAI stating they cannot buy enough compute to meet demand.

Table of Contents

• IDEAS & INSIGHTS – IN BRIEF
• JPM MARKET INTEL MORNING UPDATES
• CATALYSTS TODAY (WEEK AHEAD)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• JPM TMC CONFERENCE DAY 2 RECAP – Brian Heavey
• DELTA-ONE FLOWS & POSITIONING
• US MKT INTEL VIEW
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS
• US CALENDAR
• GLOBAL CALENDAR
• POLITICAL CATALYSTS

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