JPM US Market Intell Morning Briefing

· MKT THOUGHTS – Post-Fed setup, Fed post-mortem, Rates view from Jay Barry, plus a first look at Tech earnings

· TODAY’S CATALYSTS – a look at PCE expectations, Tech earnings previews, and BOE / BOJ outlooks.

· TRADE IDEAS – Jon Rogerson gives us his favorite tactical ideas

· NEW NIKOS – Deleveraging is likely behind us

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

· GLOBAL MKT INTEL – Our Monthly Thematic Pulse is here; we look at Global Tech, Semis, and Flows across Thematics.

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

JPM MARKET INTEL MORNING UPDATES

· SPX +0.5%, NDX +0.9%, RTY +0.4%. WTI -33bps at $84.18, NatGas +59bps to $2.74, UK NatGas -217bps to £1.4325, Gold -3bps to $4,066, Silver +10bps to $57.79, 10Y @ 4.694%, and VIX @ 19.47.

· US: Futures are higher following yesterday’s Fed-induced meltdown; the market appears to be questioning Warsh’s credibility and potential usage of non-standard tools to fight inflation pushing the yield curve to twist steeper. Pre-mkt, the yield curve is seeing further twist-steepening with 10s and 30s up 1 and 3bp with 2s down 1bp. USD deterioration continues following its worst day in 4 weeks. Cmdtys are not responding to the latest MidEast escalation with Energy and Metals lower while Ags remain bid. In Eqys, Semis are higher, Memory are lower, and Mag7 is mixed but net higher (MSFT +8.4%, META -8.3%). Cyclicals are leading Defensives with AI boosting both Industrials and Utilities. While the Global MegaCap