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.
Jamie Dimon, $JPM, has urged the U.S. to deal with its deficit sooner rather than later, per CNBC.
“At one point it will cause a problem and why should you wait?” Dimon said in an interview with Sky News.
— unusual_whales (@unusual_whales) May 23, 2024
China is preparing for the US to enter a massive recession that will make 2008 look like a walk in the park. https://t.co/YfiLHwwSnJ
— Ian Miles Cheong (@ianmiles) May 23, 2024
De-Dollarization: China’s Move Away From the U.S. Dollarhttps://t.co/B7qdPJGFMq
— Jack Straw (@JackStr42679640) May 23, 2024