JPMorgan’s trading desk has shifted from cautious to “tactically bullish” on U.S. equity markets after weeks of reserve. The 10-year U.S. Treasury yield reached 5.3% last week, its highest level since 2002, while the 30-year yield hit a 24-year high. Softer-than-expected U.S. inflation and employment data subsequently pushed these bond yields lower, supporting a rebound in the S&P 500 late in the week. JPMorgan maintains its preference for technology stocks, driven by the artificial intelligence theme, as well as for bank stocks, benefiting from a potential steepening of the yield curve and favorable capital markets outlook.
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