US MARKET INTELLIGENCE | MORNING BRIEFING

Research evidence excerpt

US MARKET INTELLIGENCE | MORNING BRIEFING

AUGUST 3, 2026

IDEAS & INSIGHTS – IN BRIEF

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

• WHAT ARE WE WATCHING FROM HERE? Given the choppiness, we flag some things that we will

be watching to confirm / refute market direction across bonds, credit, factors, foreign markets, sectors.

Plus, we include some near-term catalysts that we are monitoring.

• ADDITIONAL THOUGHTS – earnings, economic update, Fed thoughts, and an US / Iran update

• POSITIONING INTELLIGENCE – Prime Time / Monthly Wrap | HF Performance Drops Amidst Strong

De-Grossing; Set-up Cleaner Despite LT Positioning Risks

• NOTES FROM RATES TRADING – Joe Mazzurco updates us on desk views

• MACRO CORPORATE SPOTLIGHT – JPM Research addresses issues for corporate treasurers for

26H2

JPM MARKET INTEL MORNING UPDATES

• SPX +0.5%, NDX +0.5%, RTY +0.6%. WTI -569bps at $79.85, NatGas +102bps to $2.78, UK NatGas

-19bps to £1.4400, Gold +16bps to $4,053, Silver +102bps to $58.18, 10Y @ 4.688%, and VIX @

16.06.

• US: Futures are higher with both NDX and RTY outperforming as Trump points to a deal / discussions

which is pushing energy prices and bond yields lower as the USD depreciates. WTI is under $80/bbl

dragging the Energy complex lower as we see this move boosting both Base and Precious Metals

with Ags lower. In Eqys, the Tech tape is being led higher by Mag7 with Semis lagging. Energy is

lower with the remaining sectors seeing a bid pre-mkt as the lower oil / bond yields are creating a an

‘Everything Rally’. Though Kospi was down overnight, EWY is +1% pre-mkt. Today’s macro data

focus is on ISM with an eye towards Friday’s NFP print.

• EU/UK: Major markets are all higher as the region see a stronger rally in bonds, bull steepening most