JPMorgan Strategists See US Stocks Slumping in First Half of 2023
- S&P 500 to re-test 2022 lows as fundamentals weaken: JPM
- Expect stocks to rebound in second half following Fed pivot
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Sharp declines await US stocks in the first half of 2023 against the backdrop of a mild recession and Federal Reserve rate hikes, say JPMorgan Chase & Co. strategists.
The S&P 500 will likely re-test this year’s lows in the first half of 2023, they wrote in a note Thursday, implying a decline of about 12% from current levels. Their prediction adds to calls from strategists at Goldman Sachs Group Inc. and Deutsche Bank AG this week that US stocks are in for a wild ride next year.