JPM Trading Desk: Start Buying This Dip

Yesterday, the S&P had its worst day in almost 3 weeks, and the Nasdaq is on pace for its biggest two-day drop since Liberation day, with the Momentum factor unwind/AI sell-off the most notable move while Europe/Asia enjoying material outperformance (because tech is such a smaller aspect of their markets); at the same time the equal-weighted S&P beat the market-cap weighted index by 140bp yesterday. Today, the momentum carnage continues, with the Goldman high-beta momentum basket plunging to unchanged for 2025 after hitting an all time high just two weeks ago.