JPMorgan Strategists Say Weaker Jobs May Limit Equities Upside

A slowdown in the US job market will weigh on the S&P 500, offsetting any positive impact from the Federal Reserve’s interest rate cuts, according to JPMorgan Chase & Co. strategists.

The team led by Mislav Matejka sees a less supportive environment for US shares and anticipates the Fed to reduce rates against the backdrop of weaker labor data and higher inflation driven by tariffs.