In this episode the group discusses US equities in the context of the near 10% S&P500 rally over the last few weeks. They discuss the fundamental backdrop from a macro, micro and policy lens; the positioning perspective and extent to which investor flows turned bearish through September and October; what this could mean for near-term US equity upside and which sectors look most ripe to rally; and finally key risks to watch from here. Eloise Goulder, Head of the Data Assets & Alpha Group, is in discussion with Andrew Tyler, Head of US Market Intelligence, and John Schlegel, Head of Global Positioning Intelligence. This episode was recorded on November 15, 2023. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan.

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“What did the council decide on item 42?” — answered with the speaker and the moment.