J.P. Morgan
June 5, 2026
US Market Intelligence Morning Briefing
Daily UpdateEquitiesCommoditiesRates CreditInformation TechnologyEnergy
J.P. Morgan maintains a tactical bullish stance on US equities ahead of key NFP data, despite ongoing concerns regarding geopolitical tensions and energy price volatility. The report emphasizes a barbell strategy focusing on Tech and Cyclicals while advocating for selective hedging.
Key Takeaways
- 1.JPM maintains a 'Tactical Bullish' call on US markets but advises caution due to Middle East conflict risks.
- 2.NFP print is the focal point for June 5, with JPM desk seeing 75k jobs added, slightly below consensus.
- 3.Global CPI forecast revised up to 3.7% due to oil price shocks following Middle East conflict.
Table of Contents
- Ideas & Insights – In Brief
- JPM Market Intel Morning Updates
- Catalysts Today (Week Ahead)
- JPM Market Intel Equity & Macro Narrative
- US Mkt Intel: NFP Scenario Analysis
- Kasman: The Pickup In Job Growth Is Expected To Temper The Purchasing Power Squeeze
- US Mkt Intel View
- News Links
- Weekly Economic Data / Earnings
- US Calendar
- Earnings
- Global Calendar
- Near Term Catalysts
- Political Catalysts
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Authors
Andrew TylerFederico ManicardiEllen WangVictoria Campos
Securities
SPXNDXAVGO
Themes
AI DisruptionMiddle East ConflictStagflation Fears
Regions
GlobalEuropeUnited StatesJapanIran