JPMorgan's Chief Strategist Reiterates Bearish Outlook, Says The S&P 500 Will Fall 23% By Year-end

- JPMorgan's Marko Kolanovic predicts a 23% drop in S&P 500 from 5,483 to 4,200 by end of 2024 - GDP growth declined from 3.4% in Q4 2023 to 1.4% in Q1 2024 - Kolanovic believes US equity valuations are disconnected from business cycle - Housing market affordability crisis projected until at least 2026 - Concerns about labor market losing steam with growing unemployment and fewer job openings - Kolanovic recommends diversifying into defensive value plays like utilities and healthcare - Investment banking sees need for upward earnings forecast revisions for big tech firms - Market risks are present as hyperbolic moves in price could be corrected violently

🚨 Reddit sentiment: mixed/negative - Most comments are mocking or skeptical of Kolanovic's track record and predictions, though there is some mixed humor and acknowledgment Summarized comments: - Kolanovic was bullish in 2022 when the S&P 500 plummeted 19% and bearish last year when the equity gauge jumped 24% - Users mock the advice and suggest inversing Kolanovic's stance might be positive - Some users believe JPMorgan is holding puts and is biased - Negative sentiments towards Kolanovic are expressed - Users sarcastically thank Kolanovic for his advice predicting an opposite result - Some comments find humor or skepticism in Kolanovic’s forecasts Stock tickers discussed: S&P 500, $JPM