#AI adoption and monetization are distinct concepts, with only adoption happening at scale in Corporate America. Roughly two-thirds of S&P 500 companies discuss #AI on earnings calls, chart Stephanie Aliaga #JPMorganAM

Similar to #inflation’s effect on equities, #bond levels don’t matter as much to #equities as the rate of change of bond levels, chart #JPMorganAM

USTs on the mid to long end of the curve have hit new highs not seen in about two decades, and yet equities hover near all-time highs.

It’s not that #inflation is universally good for stocks, but a level of inflation above the #Fed ’s target says remarkably little about long-run equity returns on its own, chart #JPMorganAM

Sept’s CPI report was a reminder that the path back to 2% inflation remains uneven … #energy did much of the damage: #gasoline rose 9.1% and accounted for more than half of the monthly headline increase, chart #JPMorganAM

Holders of UST, chart #JPMorganAM

(Why?)
Private investment in #nature has increased roughly 5x over the past decade, from $3 billion deployed in 2016 to more than $14 billion in 2025, chart #JPMorganAM

#AI user #token costs and #chip rental costs, chart #JPMorganAM

Global CA-Balances – chart #JPMorganAM

9 payments corridors to watch in global cross-border trade, chart #JPMorganAM

The most probable result acc. to #polls is divided Govt, with at least one chamber of Congress (House or Senate) controlled by the DEM Party. Importantly, even if DEMs take both chambers, they are unlikely to secure a large enough majority to override presidential authority, chart #JPMorganAM

The #midterm elections are fast approaching, with Americans set to head to the polls on 3 Nov 2026. President Trump is not on the ballot, with the results instead determining control of Congress, which is currently held by the Republican Party, chart #JPMorganAM

Overall, passive US and EM investors are carrying at least close to 50% exposure to #AI -related industries. Equity markets have of course remained resilient to uneasy geopolitics, helped in part by sustained corporate and government spending, chart #JPMorganAM

The reality is that the relationship b/w UST #yields and #stocks has changed over time, depending on the #macroeconomic and #earnings context, chart Gabriela Santos #JPMorganAM

#California: #energy costs 50% above the national median, top income tax rate, least #affordable housing, most regulation, highest unemployment (5.1%). And yet 3.6% GDP growth, 3rd among states, behind only NY and Idaho - #JPMorganAM credits #AI ...

#earnings expectations have been revised materially higher, not lower, as companies continue to exceed forecasts by significantly wider-than-expected margins, chart #JPMorganAM

#Magnificent7 have underperformed the broader market, rising roughly 12% this year compared to the S&P 500’s ~15% gain. And yet, earnings for that group are expected to rise ca. 59% this year while growth for the remaining 493 companies in the index is expected to be about 23%,
chart #JPMorganAM

In the 2Q2026, net profit margin sat at 17%. In the 3Q, a modest decrease to 15% is expected, which still leaves profitability well above both last year’s level and the 5y average of 12.6%, chart #JPMorganAM

S&P 500 #earnings growth is expected to increase ca. 29%Y in the 3Q2026. If realized, it would mark 8 consecutive quarters of double-digit #earnings growth, the longest streak since the rebound that followed the GFC, chart #JPMorganAM

The S&P 500 has delivered positive returns in the 12 months following every #midterm election, with an average gain of about 15%, chart Jordan Jackson #JPMorganAM

#Fed Funds rate expectations, chart #JPMorganAM