US Market Intelligence Morning Briefing

J.P. Morgan remains tactically bullish on US markets but cautions against peak positioning in Tech, citing downside surprises in Japan CPI and upside surges in manufacturing input prices as key macro signals.

Key Takeaways

• 1.The team maintains a Tactically Bullish view on US equities but with reduced conviction, recommending adding hedges rather than reducing long exposure.
• 2.Japan's CPI surprised to the downside (1.4% YoY), helping to lower global bond yields after a previous spike in JGB yields above 4%.
• 3.Flash PMI data indicates a surge in manufacturing input prices to an index level of 80, the highest since the 2022 inflation peak.

Table of Contents

• IDEAS & INSIGHTS – IN BRIEF
• JPM MARKET INTEL MORNING UPDATES
• CATALYSTS TODAY (WEEK AHEAD)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• JPM ECON: ENERGY SHOCK MONITOR (NORA SZENTIVANYI)
• US MKT INTEL VIEW
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS

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