US MARKET INTELLIGENCE | MORNING BRIEFING

研报英文原文证据摘录

US MARKET INTELLIGENCE | MORNING BRIEFING

• US MACRO DATA: Employment Cost Index at 8.30am ET. Chicago PMI at 9.45am ET. Univ of

Michigan data at 10am ET.

• US EARNINGS: ABBV, AES, AMG, ARES, BEN, BTSG, CABO, CBIO, CBOE, CL, CVX, D,

DFTX, DJT, ECHO, LIN, LYB, MRNA, RBC, RIOT, RKT, ROKU, TROW, TXNM, WSC, XOM.

• GLOBAL MACRO DATA: BOJ Decision. Eurozone – CPI. Japan – Housing Starts. UK –

Housing Price Index. Germany – unemployment rate. France – CPI, PPI.

JPM MARKET INTEL EQUITY & MACRO NARRATIVE

The full tech-led rally yesterday continued into the overnight session in Asia and the pre-market session

today. Notably, KOSPI rebounded 18% from the low. In the US, we started to see Mag 7 earnings getting

rewarded on the earnings beat: yesterday’s AMZN earnings was a clear example as the stock has rallied

13% on AWS revenue and operating margins beat, despite higher CapEx outlook.

Aside from tech, growth and spending outlooks from yesterday’s macro data releases and recent earnings

commentary both pointed to solid US consumer health, supporting the economic growth and earnings, with

inflation remaining the key risk. In addition, our Positioning Intel team also notes that they are now seeing

multiple signs of extremes that suggest that the de-gross and momentum sell-off could abate very soon.

Taken all together, we shall expect the optimism to extend into today’s session, though keep an eye on

Iran/geopolitical headlines into the weekend given the recent oil volatility.

• QUICK TAKE ON AMZN AND APPL EARNINGS – Below are shared by JPM Spec Sales team;

excerpts below

o AMZN (MARK SCHILSKY) – EPS Estimates are Going Higher: Yes, I could have titled this

earnings review ‘AWS Beats’ because it surely did, but I think the ‘real’ highlight of this print is