US Market Intelligence Morning Briefing

J.P. Morgan maintains a Tactical Bullish call on US markets despite recent volatility, driven by strong fundamentals entering Q3. The report highlights themes in Tech, positioning risks, and the impact of geopolitical tensions on inflation and energy.

Key Takeaways

• 1.Maintain Tactical Bullish call on US markets with a Monetization Menu update emphasizing Tech, Cyclicals, and Healthcare.
• 2.Gross hedge fund leverage is easing but remains historically high (98th percentile), signaling potential for further active de-grossing into late July.
• 3.Inflation remains a risk, but increased throughput in the Strait of Hormuz reduces the risk of a new rate hike cycle from the Fed.

Table of Contents

• IDEAS & INSIGHTS – IN BRIEF
• JPM MARKET INTELLIGENCE MORNING UPDATES
• CATALYSTS TODAY (WEEK AHEAD)
• JPM MARKET INTELLIGENCE EQUITY & MACRO NARRATIVE
• POSITIONING INTELLIGENCE – Weekly Wrap
• MACRO VIEW ON TECH SECTOR
• INFLATION THOUGHTS
• SEASONALITY
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS

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