“JPMorgan’s Marko Kolanovic braces for 20% market plunge, delivers recession warning”
October 31, 2023
“JPMorgan’s Marko Kolanovic is bracing for a 20% sell-off to hit the S&P 500. According to the Institutional Investor hall-of-famer, high interest rates are creating a breaking point for stocks — and choosing cash at a 5.5% return in money market and short-term Treasurys is a key protection strategy right now…
He warns the “Magnificent Seven” stocks, which includes Apple,Amazon, Meta, Alphabet, Nvidia, Tesla and Microsoft, are among the most vulnerable to steep losses due to their historic gains amid high rates. The group is up 83% so far this year — carrying the bulk of the S&P 500′s gains…”