Investors should brace themselves for a bout of stock market volatility this week after a lengthy period of calm, based on a warning from JPMorgan Chase & Co.’s trading desk.
Traders work on the floor of the New York Stock Exchange in New York, US, on Friday, June 28, 2024. -- Investors should brace themselves for a bout of stock market volatility this week after a lengthy period of calm, based on a warning from JPMorgan Chase & Co.’s trading desk.
“We have had multiple former Fed governors suggest that September is appropriate for a cut,” Tyler and his team wrote in a note to clients on Tuesday. “With this in mind, we remain tactically bullish, but with slightly less conviction.” The forecast is for June’s core CPI to rise 0.2% from a month earlier. If it tops 0.3%, that would likely spur a selloff across risk assets, with the S&P 500 falling between 1.25% to 2.5%, according to Tyler. But he sees just a 2.5% chance of that happening.
Anything below 0.1% will be considered extremely positive for equities, likely pulling forward some calls for a July rate cut and sparking a rally of between 1% to 1.75% in the S&P 500, he added.
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