A JP Morgan analyst has warned the stock market could become volatile, despite reaching record highs this year.
The company’s chief market strategist Marko Kolanovic issued a note on Monday forecasting that the S&P 500 could fall 20 percent to 4,200 by the end of the year.
Kolanovic urged investors not to turn bullish despite the Dow Jones Industrial Average hitting 40,000-point for the first time last week – which excited most Americans who have savings accounts and 401(K)s containing funds that are invested in the stock market.
His reasoning is interest rates are likely to stay in restrictive territory for longer, combined with lower-income consumers showing signs of weakness and high levels of geopolitical uncertainty, according to Business Insider.‘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 said.But he is the exception […]
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