JPM US Market Intell Afternoon Briefing 28.07

· MKT UPDATES – Thoughts on US/Iran and Momentum; Preview for Fed and Tech earnings tmrw.

· DESK COMMENTARY – Trading desk views on Financials and Consumers

· DAILY EARNINGS MACRO READ-THROUGH – Ford’s comments on the IEEPA tariff benefit vs. input cost; Visa’s positive comments on lower spend consumers.

· NEW DA&A PODCAST – Momentum vs. fundamentals in the AI trade: Insights from BlackRock (here).

· US MKT INTEL VIEW – Tactically Bullish and we update the Monetization Menu

AFTERNOON UPDATES (NEWS LINKS)

· SPX +0.2%, NDX -1.0%, RTY +0.2%. WTI +502bps at $83.24, NatGas -71bps to $2.64, UK NatGas -32bps to £1.4161, Gold -28bps to $4,018, Silver -43bps to $56.91, 10Y @ 4.606%, and VIX @ 18.21.

· US: Stocks closed mixed; Tech lagged. Momentum fell 3.6%, a -1.8z move today. This was driven by both Tech underperformance and the rally across all non-tech sectors. Underlying price action in SPX was actually quite healthy: 70% of companies finished higher today, with outperformance coming from Airlines (+3.7%), Retail (+2.5%), Staples (+2.2%), and Housing (+1.8%). Oil fell 4% amid further optimism on reviving US/Iran MOU.

· EU/UK: Major markets closed mostly higher. Software, Momentum Short and Defensives were among the top performing baskets. UKX +0.8%, SX5E +0.1%, SXXP +0.4%, DAX +0.4%.

CATALYSTS TOMORROW (FULL WEEK CALENDAR) ●​ US MACRO DATA TOMORROW: Mtge Applications at 7am ET. Fed Decision at 2pm ET.