US Market Intelligence Morning Briefing

J.P. Morgan maintains a tactically bullish outlook for US equities heading into bank earnings season. Despite Middle East geopolitical tensions, the firm highlights strength in Semis and AI, while cautioning on broader market positioning.

Key Takeaways

• 1.J.P. Morgan maintains a 'Tactically Bullish' view on the US market, expecting support from benign CPI/PPI data and strong financial earnings.
• 2.Memory/Semiconductors remain the dominant equity theme, while broader equity flows remain cautious.
• 3.The US/Iran conflict has resulted in energy market volatility, with J.P. Morgan suggesting a barbell strategy of Tech and Cyclicals.

Table of Contents

• IDEAS & INSIGHTS – IN BRIEF
• JPM MARKET INTEL MORNING UPDATES
• CATALYSTS TODAY (WEEK AHEAD)
• JPM MARKET INTEL EQUITY & MACRO NARRATIVE
• MARKET RETURNS DURING US / IRAN CONFLICT
• CONSUMER CHARTS
• US MKT INTEL: CPI SCENARIO ANALYSIS
• DELTA-ONE FLOWS & POSITIONING
• US MKT INTEL VIEW
• NEWS LINKS
• WEEKLY ECONOMIC DATA / EARNINGS

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