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Report published August 17, 2026

J.P. Morgan US Market Intelligence Morning Briefing: August 17, 2026

Source and citation context

Report date
August 17, 2026
Analysis as of
Not stated in source

Authors / editors: Andrew Tyler, Federico Manicardi, Ellen Wang, Victoria Campos

Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Daily UpdateCommoditiesEquitiesFXConsumer DiscretionaryEnergy

J.P. Morgan Market Intelligence reiterates a Tactically Bullish stance on global equities, recommending a Tech/Cyclicals barbell while funding shorts in Brazil and Europe. The team highlights buying opportunities in Software and China hyperscalers, viewing consumer softness as transitory.

Key Takeaways

  • 1.J.P. Morgan Market Intelligence maintains a Tactically Bullish stance, favoring a Tech and Cyclicals barbell funded by tactical shorts in Brazil and Europe.
  • 2.Software presents an attractive risk/reward as AI disruption fears are overblown and multiples approach historic troughs (~4x EV/NTM revenue).
  • 3.The recent Retail Sales decline is viewed as a one-off anomaly driven by the Prime Day calendar shift; underlying US consumer balance sheets and wage growth remain resilient.

Table of Contents

  • IDEAS & INSIGHTS – IN BRIEF
  • JPM MARKET INTEL MORNING UPDATES
  • CATALYSTS TODAY (WEEK AHEAD)
  • JPM MARKET INTEL EQUITY & MACRO NARRATIVE
  • ADDITIONAL THOUGHTS
  • ROADMAP TO 26Q4
  • EM VIEWS: THOUGHTS ON CHINA TECH
  • CONSUMER DEEP DIVE
  • RETAIL EARNINGS PREVIEW
  • NEWS LINKS
  • WEEKLY ECONOMIC DATA / EARNINGS
  • J.P. Morgan Global Market Intelligence Contacts

Report data

ROADMAP TO 2026Q4

MetricEstimateContext
Foreign Inflows into KOSPI3.9 USD BillionForeign inflows into South Korean equities reached an all-time high driven primarily by long-only investors.
US 10-Year Treasury Yield4.684%10-year Treasury yield trading as curve bull-steepens.
SaaS Software EV / NTM Revenue Multiple4.0 xValuation of software is pricing in near worst-case scenarios compared to 1.5x during GFC and 20x COVID peak.
US Retail Sales MoM-0.6%July Retail Sales contracted MoM but remains up +5.0% YoY.
Source: JPMorgan; Bloomberg; JPMorgan / Bloomberg; BEA. This is a dated model snapshot, not a live forecast.

Reports in this series

US Market Intelligence Morning Briefing is shown in chronological order through this edition, published on August 17, 2026.

Part of the US Market Intelligence Morning Briefing series — view all 56 editions

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  48. Aug 10JPM US Market Intell | Morning Briefing 2026 08 10
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  50. Aug 12JPM US Market Intelligence | Morning Briefing: Futs higher with AI Infra boosting Tech; Thoughts into CPI; CPI Scenario Analysis
  51. Aug 14JPM US Market Intelligence | Morning Briefing: Futs are flat; Retail Sales preview: August 14, 2026

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Authors / Editors

Andrew TylerFederico ManicardiEllen WangVictoria Campos

Reported Data Context

  • Foreign Inflows into KOSPI: 3.9 USD Billion (Week ending Aug 17, 2026) · Source: JPMorgan
  • US 10-Year Treasury Yield: 4.684 % (2026-08-17) · Source: Bloomberg
  • SaaS Software EV / NTM Revenue Multiple: 4.0 x (Current (Aug 2026)) · Source: JPMorgan / Bloomberg
  • US Retail Sales MoM: -0.6 % (July 2026) · Source: BEA

Securities

SPXNVDABABATGTWMTKWEB

Themes

Tech Broadening Beyond Semis to SoftwareResilient Consumer Cash and SpendingForeign Inflow Rotation to South Korea and EM Tech

Regions

North AmericaAsia PacificEuropeUnited StatesSouth KoreaChina

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J.P. MorganDaily UpdateSPXNVDABABAEquitiesRates Govt Bonds

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