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Joe Biden is touting the rising stock market as proof his policies are working.
Analysts at JPMorgan are worried that the stock market could be in trouble.
Marko Kolanovic, chief market strategist at JPMorgan, predicts the S&P 500 will end the year at 4,200. This is the lowest year-end target for a major Wall Street bank.
Analysts at JPMorgan say trouble could still be on the way, even as the U.S. stock market has hit new record highs over the past week.
Marko Kolanovic, JPMorgan’s chief market strategist, has one of the most pessimistic forecasts on Wall Street. They expect the S&P 500 to end the year at 4,200, the lowest year-end target of any major Wall Street bank. Based on current levels, this represents a decline of more than 21%.
“Given the very high valuation of the stock, we do not believe it is an attractive investment at this time and see no reason to change our stance,” Kolanovic said in an analyst note this week.
Stock prices have hit record highs over the past week, with the Dow Jones Industrial Average topping 40,000 for the first time in history and the S&P 500 index above 5,300.
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