"JPMorgan's Marko Kolanovic Stands Firm on 20% Market Sell-Off Warning"

JPMorgan analysts, including chief market strategist Marko Kolanovic, have issued a pessimistic forecast for the S&P 500, predicting a potential 20% drop by the end of the year due to high equity valuations, stubborn inflation, weakness among lower-income consumers, and geopolitical uncertainty. Despite recent record highs, the analysts believe that interest rates are likely to remain high for longer, and that narrow themes like AI chips are unlikely to offset traditional market challenges. This forecast follows a volatile year for the stock market, with all three major indexes recouping losses and the S&P 500 up more than 29% since hitting bottom in October.