Report published September 2, 2026
J.P. Morgan US Market Intelligence: Morning Briefing – September 2, 2026
Source and citation context
- Issuer
- J.P. Morgan
- Report date
- September 2, 2026
- Analysis as of
- Not stated in source
Authors / editors: Andrew Tyler (Market Intelligence), Federico Manicardi (Market Intelligence), Ellen Wang (Market Intelligence), Victoria Campos (Market Intelligence), John Schlegel (Head of Data Assets & Alpha Group), Joshua Meyers (Analyst / Contributor)
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.
J.P. Morgan Market Intelligence has shifted to a tactically cautious/neutral stance on US equities over the next 2–3 weeks due to Fed rate hike risks, post-Labor Day spread widening, and September seasonality. The team recommends long NDX / short RTY positioning, favoring Mag7, software, and healthcare while hedging through credit ETF shorts and VIX exposure.
Key Takeaways
- 1.J.P. Morgan US Market Intelligence shifts to a Tactically Cautious / Neutral stance due to near-term headwinds including Fed rate hike risks, post-Labor Day credit spread widening, September seasonality, and momentum factor unwinds.
- 2.NFP is set up in a 'good news is bad news' dynamic where a strong print may push bond yields higher and weigh on equities, while Michael Feroli forecasts +50k jobs with a 4.1% unemployment rate.
- 3.Delta-One flows show aggressive duration trimming with rotation into front-end rates, alongside equity rotation from financials, industrials, and energy into tech and healthcare.
Table of Contents
- IDEAS & INSIGHTS – IN BRIEF
- JPM MARKET INTEL MORNING UPDATES
- CATALYSTS TODAY (WEEK AHEAD)
- JPM MARKET INTEL EQUITY & MACRO NARRATIVE
- CONSUMER SPENDING
- CREDIT DEFAULT RATES
- EARNINGS PREVIEW & BUYSIDE BARS – Josh Meyers
- DELTA-ONE FLOWS & POSITIONING
- JPM MKT INTEL: NFP SCENARIO ANALYSIS
- US MKT INTEL VIEW
- ROADMAP TO 26Q4
- NEWS LINKS
- WEEKLY ECONOMIC DATA / EARNINGS
- US CALENDAR
- GLOBAL CALENDAR
- NEAR TERM CATALYSTS
- AI / TECH CATALYSTS
- POLITICAL CATALYSTS
Report data
AVGO Buyside Survey & Consensus Estimates (F3Q26 - F28)
| Metric | Estimate | Context |
|---|---|---|
| US 10-Year Treasury Yield | 4.812% | Bond yields moving higher in response to Middle East hostilities. |
| WTI Crude Oil Price | 90.47 USD/bbl | Oil prices move above $90/bbl as yield curve steepens. |
| Gold Price | 4309 USD/oz | Gold trading lower with focus on $4,300 support level. |
| MTD Consumer Spending (YoY) | 5.4% | Led by discretionary spending growth of +5.8% YoY. |
| US Nonfarm Payrolls Forecast (Feroli) | 50 k jobs | Michael Feroli's preview estimate versus consensus of 55k. |
Reports in this series
US Market Intelligence is shown in chronological order through this edition, published on September 2, 2026.
Part of the US Market Intelligence series — view all 6 editions
Looking for the latest edition? JPM US Market Intelligence | Afternoon Briefing (Sep 8, 2026)
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Authors / Editors
Reported Data Context
- US 10-Year Treasury Yield: 4.812 % (2026-09-02) · Source: Bloomberg
- WTI Crude Oil Price: 90.47 USD/bbl (2026-09-02) · Source: Bloomberg
- Gold Price: 4309 USD/oz (2026-09-02) · Source: Bloomberg
- MTD Consumer Spending (YoY): 5.4 % (August 2026 through Aug 20) · Source: JPMorgan Chase Bank, NA. JPMC Index File 2.0
- US Nonfarm Payrolls Forecast (Feroli): 50 k jobs (August 2026) · Source: JP Morgan Economics