Report published September 30, 2026

US Market Intelligence Morning Briefing – J.P. Morgan (September 30, 2026)

J.P. Morgan · September 30, 2026

J.P. Morgan Market Intelligence has shifted back to a Tactically Bullish stance on equities, citing strong macroeconomic fundamentals, resilient consumption, and stabilizing Treasury yields. The desk favors core long Technology exposure and Banks while unwinding Russell 2000 shorts.

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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.

Key Takeaways

1.J.P. Morgan Market Intelligence has returned to a Tactically Bullish view on US equities, driven by resilient macro growth, strong consumer spending, and expected stabilization in bond yields.
2.In equity positioning, the team recommends owning Tech as a core Long (Semis and Mag7) while dropping the Russell 2000 short due to short squeeze risks; Banks are favored ex-Tech.
3.Commodities strategist Natasha Kaneva assesses Brent crude at $104/bbl as overvalued with fair value closer to $90/bbl (WTI sub-$80/bbl) as Middle East exports recover.

Ideas & Insights – In Brief
JPM Market Intel Morning Updates
Catalysts Today (Week Ahead)
JPM Market Intel Equity & Macro Narrative
Additional Thoughts
SPX 2026 Q3 Earnings Calendar
News Links
Weekly Economic Data / Earnings
US Calendar
Global Calendar
AI / Tech Catalysts
Political Catalysts

Report data

Figure 1: Total oil flows from the Middle East (Middle East total exports of crude and refinery products, mbd, 10-DA)

Metric	Estimate	Context
10-Year US Treasury Yield	5.224%	Early morning US Treasury trading level.
WTI Spot Crude Oil Price	90.30 USD/barrel	Morning commodities trade quote.
Brent Crude Fair Value Estimate	90 USD/barrel	Assessed fair value versus spot price of $104/bbl.
US Core PCE Deflator Forecast (MoM)	0.25%	Michael Feroli and team's projection for August Core PCE.
S&P 500 Q3 2026 EPS Growth Expectation	28.9%	Consensus earnings growth expectations for 26Q3.