JPM US Market Intell Afternoon Briefing 29.07

· MKT UPDATES – Thoughts on post-Fed price actions, US/Iran and Fed; First take on Tech Earnings. Preview for PCE/GDP, Tech Earnings (AAPL, AMZN) and BOE/BOJ.

· DESK COMMENTARY – Trading desk views on Financials, Tech and Consumer.

· DAILY EARNINGS MACRO READ-THROUGH – P&G highlighted sticker inflation headwinds in 1H27; SoFi sees healthy credit performance.

· D1 ON MOMENTUM STATS – Our D1 team took a look at the historical changes in Momentum drawdown.

· 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 -1.5%, NDX -2.1%, RTY -1.6%. WTI at $84.54, NatGas +237bps to $2.73, UK NatGas +468bps to £1.4824, Gold +5bps to $4,069, Silver +49bps to $58.01, 10Y @ 4.677%, and VIX @ 20.66.

· US: Stocks closed lower; Tech lagged. The 2PM statement and 2:30PM press conference initially triggered a broad rally in equities (SPX up 0.8% from 2PM to 3PM). However, we saw a complete reversal in price action in the following hour, with Semis, Cyclicals, and Momentum Winners getting hit the most. This coincided with a move higher in yields: the 10y rose ~7 bp from the post-Fed low to 4.677% at the close, and the 30y hit another cycle high of 5.2%. On geopolitical headlines, another round of escalation happened since last night with oil went up 7% during the regular trading session.