US Market Intelligence Morning Briefing

J.P. Morgan's morning briefing maintains a tactical bullish call for US equities, citing resilient consumer fundamentals and expectations for the resumption of a bullish trend post-rebalancing. The report highlights upcoming NFP data and provides updated sector positioning strategies.

Key Takeaways

• 1.Maintains a Tactical Bullish view on US equities, looking for the bullish trend to resume as period-end rebalancing completes.
• 2.NFP scenario analysis suggests resilience, with an estimate of 125k jobs added in June.
• 3.Consumer cash pile at record highs ($22.9T) supports consumption growth, despite inflation and bond volatility risks.

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'S NFP SCENARIO ANALYSIS
• MKT INTEL'S CONSUMER CASH PILE
• DELTA-ONE POSITIONING & FLOWS
• US MKT INTEL VIEW
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS

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