JPMorgan's Marko Kolanovic braces for 20% market plunge, delivers recession warning
Publishing timestamp: 2023-10-05 20:22:47
Summary
JPMorgan's Marko Kolanovic is warning of a potential 20% sell-off in the S&P 500 due to high interest rates. He suggests that choosing cash as a protection strategy is important at the moment. While a near-term bounce is possible, Kolanovic believes there is downside risk and warns that certain stocks, including the "Magnificent Seven" (Apple, Amazon, Meta, Alphabet, Nvidia, Tesla, and Microsoft), are vulnerable to steep losses. He also expresses concerns about consumers becoming cash strapped and highlights stress in the job market.
Sentiment: NEGATIVE
Tickers: TSLA, JPM, MSFT, GOOGL, XLP, .SPX, AMZN, AAPL, META, NVDA, XLU,
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