US Market Intell | Morning Briefing

· MKT THOUGHTS – Tech-led rally; Macro views; First take on AAPL/AMZN from JPM Spec Sales team.

· TRADING DESK VIEWS ON TECH RALLY YDAY

· NEW POSITIONING INTEL – Tactical Takes | Extreme De-Grossing WTD...Signs We're Likely at Low in NT for De-Gross and Momentum

· 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.

JPM MARKET INTEL MORNING UPDATES

· SPX +0.4%, NDX +1.1%, RTY +0.5%. WTI +45bps at $83.97, NatGas +237bps to $2.73, UK NatGas +265bps to £1.4625, Gold -116bps to $4,056, Silver -170bps to $57.98, 10Y @ 4.669%, and VIX @ 16.85.

· US: Futures are higher led by Tech. Thursday’s tech-led recovery continued into the overnight session in Asia with Taiwan and KOSPI up 8% and 18%, respectively. Earnings after Thursday’s close were largely positive: AMZN was the key highlight as the firm reported strong AWS sales and margin; AMZN +13% pre-market, but AAPL’s weak guidance drove a 7% decline after close. Bond yields were largely unchanged; USD was up. Metals were mixed: gold fell 1.2%, while copper were up 1.6%.

· EU/UK: Major markets are higher led by SX5E. Momentum and Semis recovery were the main theme for today’s trading session. Thematically, Semi, Renewables, Momentum Long and Cyclicals were among the top performing baskets. On YoY basis, Eurozone Headline CPI prints 2.9% vs. 2.8% prior, in line with the Street consensus. Core CPI prints 2.5% vs. 2.4% survey vs. 2.4% prior. UKX +0.6%, SX5E +0.9%, SXXP +0.6%, DAX +0.7%.