Report published October 1, 2026
J.P. Morgan US Market Intelligence Morning Briefing: Reinstating Tactically Bullish View
J.P. Morgan · October 1, 2026
J.P. Morgan US Market Intelligence has upgraded its stance to Tactically Bullish on US equities, citing resilient consumer spending, strong growth fundamentals, and favorable earnings setup. The team maintains Tech as a core long but removes the Russell 2000 short hedge due to short-squeeze risks.
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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.JPM US Market Intelligence returned to a Tactically Bullish view, citing strong macro fundamentals, consumer resilience, low Q3 earnings expectations, stabilizing bond yields, and improving technicals.
- 2.The team dropped its short Russell 2000 hedge against Tech longs due to squeeze risk stemming from potential lower oil prices, potential Middle East geopolitics, and bond yield stabilization.
- 3.Saul Doctor's Fear & Greed Index triggered a bullish signal in credit, breaching oversold levels at 83, suggesting CDX.IG spreads (~60bp) offer attractive value.
Table of Contents
- JPM Market Intel Morning Updates
- Catalysts Today (Week Ahead)
- JPM Market Intel Equity & Macro Narrative
- US Mkt Intel View
- Additional Thoughts
- Weekly Economic Data / Earnings
- AI / Tech Catalysts
- Political Catalysts
Report data
Figure 1: Historical Fear&Greed Index and CDX.IG Spreads
| Metric | Estimate | Context |
|---|---|---|
| Core PCE Deflator YoY | 3.01% | Actual August core PCE came in at 3.01% versus JPM forecast of 3.28%. |
| 10-Year US Treasury Yield | 5.317% | Yield benchmark in pre-market trading amid ongoing bear steepening. |
| WTI Crude Oil Price | 92.28 USD/barrel | Pre-market commodity performance. |
| S&P 500 Q3 Earnings Growth (Expected) | 28.9% | Consensus expectation for Q3 2026 S&P 500 earnings growth on 11.9% revenue growth. |
| Credit Fear & Greed Index | 83 index points | Triggering a bullish contrarian signal in credit spreads. |
Reports in this series
US Market Intelligence Morning Briefing is shown in chronological order through this edition, published on October 1, 2026.
Part of the US Market Intelligence Morning Briefing series — view all 70 editions
Looking for the latest edition? JPM US Market Intelligence | Morning Briefing (Oct 6, 2026)
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