JPMorgan Chase & Co. trading desk flipped its view on US equities to bullish from tactically neutral, citing strong economic data, consumer resilience, and robust corporate profit growth. Andrew Tyler, head of US market intelligence, noted that bond yields appear to be stabilizing and oil prices may trend lower, creating a more favorable setup for markets.

Tyler, who correctly shifted to caution in early June ahead of a selloff and again in late August after a hawkish speech by Federal Reserve Chairman Kevin Warsh at Jackson Hole, now sees sustained momentum. The S&P 500 Index has not suffered a 1% decline in 41 sessions through Friday, its longest streak since October 2025.

Looking ahead, Tyler highlighted key catalysts including Friday’s US jobs report, the October 14 CPI data, and the Fed decision on October 28. Economists project 90,000 jobs added in September following a surprise 162,000 gain in August. Within tech, Tyler favors semiconductor shares and the Magnificent Seven, noting the AI theme is likely to persist. The desk also favors banks excluding AI-related plays, citing a potential growth reboot and steeper yield curve.

Tyler maintains a long position in tech but no longer pairs it with a short on the Russell 2000 Index due to squeeze risk from lower oil and yields.