JPM | APAC THEMATICS - Semis: Unwind accelerates (again...) / META & MSFT: Results & guidance not enough to change the AI narrative / Tech Positioning: Unwind update / Korea Positioning: Unwind largely done.

研报英文原文证据摘录

JPM | APAC THEMATICS - Semis: Unwind accelerates (again...) / META & MSFT: Results & guidance not enough to change the AI narrative / Tech Positioning: Unwind update / Korea Positioning: Unwind largely done.

Specialist Sales

APAC Specialist Sales J P M O R G A N

29 July 2026

Market Commentary:

US OVERNIGHT - S&P -1.5% as Tech continues to weigh heavily. US equities fell despite the Fed holding rates (3.5-3.75% on

a 9–3 vote), with the real story being the violent move in the long end with 30y yields surging to the highest since 2007. Breadth

was weak with 8 of 11 S&P sectors lower (Industrials, Tech, Financials & Utilities lagging), while Energy, Staples & Comm

Services held up better. Macro stress signals were present even beyond the rates market… the VIX up 14% back above 20 for the

first time since mid‑June, and Brent +8% after Trump threatened strikes back at Iran following an attack near a US base in Jordan,

& Iran rejecting the Oman/Hormuz proposal. In single stock, TSMC -5% on Kumamoto inspection/calibration delays after the

earthquake, but the real action was after-market… Meta -8% on their profit miss and disappointing rev outlook, Microsoft +8%

after Azure growth beat & they refrained from raising capex, and Lam was +3% on their strong guidance.

FED RATES - Unchanged, but a bigger dissent & new questions on inflation credibility (Michael Feroli). The Fed decided to

keep rates on hold as JPM expected, but 3x Fed officials dissented from today’s decision in favour of a hike… vs the 2x we

expected. Concerns by some FOMC members continues to build about high/sticky inflation. While front-end yields declined on

the announcement (with a rate hike having been 33% discounted), there was a spike in the long-end of the curve on inflation