Core Insights - JPMorgan Chase has been selected as the new issuer of the Apple Card, taking over from Goldman Sachs, marking a significant transition in Apple's consumer finance strategy [1][5] - Goldman Sachs' decision to step down is aimed at narrowing its business focus, while the implications for JPMorgan Chase remain uncertain [2][5] - JPMorgan Chase is the largest card issuer in the U.S. by total credit card purchase volume, indicating its capability to manage the Apple Card [6][9] Company Analysis - Goldman Sachs has historically functioned as an investment bank and struggled to establish itself in consumer banking, leading to its retreat from the Apple Card [4][5] - The Apple Card has over 12 million users, which, while not a significant addition to Chase's existing customer base of approximately 150 million cards, still presents opportunities for cross-selling [7][9] - The typical Apple Card user is aged 20 to 40, a demographic that represents about 70% of the user base, making them prime candidates for Chase's higher-end products [9] Financial Implications - The financial specifics of the deal between JPMorgan Chase and Apple regarding the Apple Card are not yet disclosed, making it difficult to assess the potential impact on Chase's financial performance [10] - The addition of new customers from the Apple Card is expected to provide numerous cross-selling opportunities, which could positively influence Chase's stock performance [10]

Group 1 - The financial institution JPMorgan is considered one of the best managed banks in the US, despite the author having sold their common shares last year [1] - The Investment Doctor emphasizes a portfolio should include a mix of dividend and growth stocks, focusing on high-quality small-cap ideas in Europe for capital gains and dividend income [1] - The investment group European Small Cap Ideas provides exclusive access to actionable research on European investment opportunities, featuring two model portfolios and weekly updates [1] Group 2 - There is a beneficial long position in the shares of JPM.PR.C, indicating ongoing interest in preferred shares [2] - The possibility of adding to the preferred share position or buying back common shares exists, but these actions are unlikely to occur within the next 72 hours [3]

Group 1 - The core viewpoint is that the recent rally in precious metals has temporarily paused, entering a consolidation phase despite the long-term bullish trend remaining intact [2][5] - The report indicates that the dollar index's fluctuation below the 100 mark and the S&P 500/gold ratio suggest that the long-term "currency devaluation trade" is not over, with the current consolidation being a rest period within a bull market rather than a bear market reversal [2][5][14] - Short-term price action in gold shows characteristics of a "spike" reversal, which typically signals the onset of a consolidation phase, but this does not indicate the end of the long-term rebound [2][5] Group 2 - From a tactical perspective, gold prices are expected to undergo a necessary consolidation period before attempting to breach the 5100-point mark, with investors advised to monitor key technical levels to define the trading range [3] - The report emphasizes that the long-term price patterns and comparisons to the late 1970s currency devaluation cycle suggest that the long-term currency devaluation cycle is not yet complete, indicating that the foundation for a bull market remains [5] - The macro drivers supporting the long-term bullish outlook for commodities are primarily rooted in the foreign exchange market, with the dollar index experiencing significant fluctuations and remaining trapped within a defined range [8][14] Group 3 - The report highlights that the recent surge in copper prices is partly driven by "currency devaluation funds," with implied global manufacturing PMI expectations significantly higher than actual readings, suggesting that while copper may be slightly overvalued, the cyclical trend remains intact [6][7] - The weak dollar environment is expected to continue supporting the long-term bullish logic for precious metals and commodities, as the dollar index has primarily operated below the critical long-term pivot point of 100 over the past eight months [14]

Core Viewpoint - The one-sided upward trend in precious metals has temporarily come to a halt, entering a consolidation phase despite the underlying long-term bullish trend remaining intact [2][3]. Group 1: Gold Market Analysis - Morgan Stanley forecasts that gold will form a wide trading range between support levels of $4264-$4381 and resistance levels of $5100-$5150, potentially lasting for several months [3][4]. - The recent price action of gold shows characteristics of a short-term "explosive" reversal, indicating the arrival of a consolidation phase rather than the end of a long-term rebound [3][6]. - Key technical points to monitor include a mid-term support level around $4500, the 50-day moving average, and the breakout area of $4264-$4381 from Q4 2025 [4][5]. Group 2: Copper Market Insights - Morgan Stanley believes that base metals, particularly copper, will exhibit stronger resilience compared to precious metals, with a first support level expected around 12074-12105 [7]. - The report highlights that copper prices have been partially driven by "currency devaluation capital flows," with implied global manufacturing PMI expectations significantly higher than actual readings [8]. - The long-term bullish trend for copper remains intact as long as prices stay above the critical mid-term support level of 11100-11200 [7][8]. Group 3: Macro Drivers - The long-term bullish logic for commodities is primarily supported by the foreign exchange market, with the dollar index struggling below the key level of 100 for the past eight months [11][12]. - A sustained price level below 100 could lead to a resumption of the downward trend that began in early 2025, which would continue to support the long-term bullish outlook for precious metals and commodities [13].

Group 1 - JPMorgan Chase is an advertising partner of Motley Fool Money [1] - The Motley Fool has positions in and recommends JPMorgan Chase [1] - The Motley Fool recommends Palo Alto Networks [1]

Wealthy Families Are Worried About Geopolitics. But They Aren't Rushing to AI, Crypto, or Gold - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Wealthy Families Are Worried About Geopolitics. But They're Not Rushing to AI, Crypto, or GoldBy ...

Market Overview - The Dow Jones Industrial Average surged above 50,000 points for the first time, closing at 50,115.67, up more than 1,200 points or 2.5 percent, reflecting a broadening market and confidence in growth stories [2][13] - The index has shown steady growth over the past two and a half years, with notable exceptions during specific political events [8][13] Company News - Amazon was the biggest loser on the Dow, falling 5.6 percent after announcing a $200 billion capital spending plan for AI capabilities in 2026, raising concerns about potential returns on such massive investments [5][13] - Other companies like Caterpillar, 3M, JPMorgan Chase, Goldman Sachs, Amgen, and Nvidia saw gains of at least four percent, indicating positive market sentiment towards their performance [5][13] - Stellantis shares plunged over 24 percent after announcing a €22 billion ($26 billion) write-down due to misjudging the shift to electric vehicles, with shares down around 80 percent over the past two years [9][13] - Rio Tinto's shares finished flat after dropping merger talks with Glencore, which would have created a $260 billion mining firm, while Glencore's stock climbed 1.5 percent [10][13] - Toyota's shares increased by two percent after raising profit and sales forecasts for the current fiscal year despite US tariffs [11][13] Investment Insights - Analysts suggest that the massive investments in AI by companies like Amazon will benefit infrastructure, banking, and other sectors, indicating a ripple effect across the market [5][6] - Confidence in earnings growth is noted, with expectations that equity investors will be rewarded, although volatility is anticipated [6][13]

Core Viewpoint - JP Morgan Chase shares have seen a significant rise following an upgrade from HSBC, with a price target set at $319, despite a slow start to 2026 [1] Group 1: Stock Performance - JP Morgan shares are mostly unchanged year-to-date but have rallied over 50% from April lows and are only 4% off all-time highs [1] - The bank is outperforming the S&P and the XLF financial ETF, although it is trailing behind other major banks like Citigroup, Goldman Sachs, and Bank of America [2][3] Group 2: Market Environment - The recent upgrades from HSBC and Bar, with Bar upgrading to neutral from sell and maintaining a $280 price target, indicate a positive environment for big banks [4] - The overall trajectory for major banks appears to be upward, with a general uptrend observed in recent weeks [3] Group 3: Technical Analysis - JP Morgan's stock has been rangebound this year, with significant price movements contained within established boundaries [5][6] - Current resistance levels are identified between $318 and $323, with a potential for traction if the price crosses above this range [7][8] - The stock has shown signs of trend improvement, breaking through a shorter-term downtrend and closing above key moving averages [9][10] Group 4: Options Activity - There has been an increase in options activity, with a notable 1.6% rise in volume compared to the 5-day moving average, indicating heightened interest [12] - A bearish trade involving 750 May 15th, 300 strike puts was noted, suggesting some market participants are hedging against potential declines [13]

Core Viewpoint - The Dow Jones Industrial Average has surpassed the 50,000 points milestone for the first time, indicating strong market performance and investor confidence [1] Company Performance - Nvidia's stock increased by over 7%, reflecting positive market sentiment and strong demand for its products [1] - Caterpillar's shares rose by more than 6%, suggesting robust performance in the industrial sector [1] - Goldman Sachs and JPMorgan both saw their stock prices rise by over 4%, indicating strong financial sector performance [1] - Disney and IBM experienced stock increases of over 3%, highlighting positive developments in the entertainment and technology sectors [1] - UnitedHealth, Walmart, and Cisco all had stock price increases of over 2%, demonstrating resilience in the healthcare, retail, and technology industries [1]

Core Viewpoint - Morgan Stanley has reduced its stake in WuXi AppTec (02359) by 798,119 shares at a price of HKD 109.1481 per share, totaling approximately HKD 87.1132 million, resulting in a new holding of about 35.2451 million shares, representing 6.90% of the company [1] Summary by Category - **Share Reduction** - Morgan Stanley sold 798,119 shares of WuXi AppTec [1] - The sale price was HKD 109.1481 per share [1] - The total amount from the sale was approximately HKD 87.1132 million [1] - **Current Holdings** - After the reduction, Morgan Stanley's remaining shares in WuXi AppTec are approximately 35.2451 million [1] - The new ownership percentage is 6.90% [1]