JPMorgan Issues Stock Market Warning
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Joe Biden is touting gains in the stock market as proof that his policies are working.
JPMorgan analysts fear problems for the stock market might be coming.
JPMorgan’s chief market strategist Marko Kolanovic’s forecast predicts the S&P 500 will be at 4,200 at the end of the year – This is the lowest year-end target for major Wall Street Banks.
The U.S. stock market soared to a new record high over the past week, but there may still be trouble on the horizon, according to JPMorgan analysts.
The forecast from JPMorgan’s chief market strategist Marko Kolanovic is one of the most pessimistic on Wall Street. He and his peers see the S&P 500 ending the year at 4,200 — the lowest year-end target among major Wall Street banks. From current levels, that implies a more than 21% drop.
“With very high equity valuations, we do not see equities as attractive investments at the moment, and we don’t see a reason to change our stance,” Kolanovic wrote in an analyst note this week.
Stocks have notched record highs over the past week, with the Dow Jones Industrial Average topping 40,000 for the first time ever, while the S&P 500 climbed past 5,300.
