J.P. Morgan
June 4, 2026
US Market Intelligence Morning Briefing
Daily UpdateEquitiesCommoditiesRates Govt BondsInformation TechnologyEnergy
J.P. Morgan maintains a tactical bullish outlook on US equities despite geopolitical tensions in the Middle East and inflationary pressures from tariffs. Markets are focused on upcoming NFP data and potential reopening timelines for the Strait of Hormuz.
Key Takeaways
- 1.JPM maintains a Tactical Bullish call on US Equities, though the 'shot clock' is ticking for a geopolitical resolution in the Middle East.
- 2.The Middle East conflict, specifically the closure of the Strait of Hormuz (SoH), remains the primary risk for oil prices, with Brent scenarios reaching $153/bbl if closed until September.
- 3.ISM Services data remains resilient (54.5), which helps mitigate stagflation fears, although pricing pressures remain elevated.
Table of Contents
- IDEAS & INSIGHTS – IN BRIEF
- CATALYSTS TODAY (WEEK AHEAD)
- JPM MARKET INTEL EQUITY & MACRO NARRATIVE
- Verified strikes on US military facilities
- ISM-SRVCS MKT INTEL THOUGHTS
- TARIFFS
- VOL
- POSITIONING
- INFLATION
- US MKT INTEL: NFP SCENARIO ANALYSIS
- US MKT INTEL VIEW
- MONETIZATION MENU
- ADDITIONAL HEDGES (May 29)
- NEWS LINKS
- WEEKLY ECONOMIC DATA / EARNINGS
- US CALENDAR
- ECONOMICS
- EARNINGS
- GLOBAL CALENDAR
- NEAR TERM CATALYSTS
- POLITICAL CATALYSTS
Access the Full Report
Get unlimited access to institutional research reports with a 14-day free trial.
Authors
Andrew TylerEloise Goulder
Securities
SPXAAPLAVGOBrent Crude Oil
Themes
Geopolitical Escalation as Inflation CatalystAI Trade Exhaustion/RotationResilient US Economic Growth
Regions
North AmericaMiddle EastEuropeUnited StatesIranJapan