JPMorgan says inflation, by itself, is unlikely to derail the long-running advance in U.S. equities. Kriti Gupta, executive director of JPMorgan Private Bank and global investment strategist, said the S&P 500 could still climb about 10% over the next 12 months and reach roughly 8,200 by the middle of next year. In her view, the broader bull case remains intact despite what she described as an inflation "roller coaster."
Gupta pointed to two main supports for the market. The first is continued strength in the U.S. economy. She said ongoing economic expansion is still giving companies and investors confidence even as inflation remains a concern. The second is heavy demand tied to artificial intelligence, which JPMorgan sees as another core driver behind equity gains. Gupta also said she expects U.S. stocks to continue posting double-digit returns this year.
JPMorgan said inflation on its own is not enough to bring the long-term rise in U.S. stocks to an end, according to a BlockBeats report published on Aug. 3.
Kriti Gupta, executive director at JPMorgan Private Bank and a global investment strategist, said the S&P 500 could still gain about 10% over the next 12 months. She expects the benchmark index to reach roughly 8,200 by the middle of next year.
Gupta said the core foundations behind the bull market remain in place. One of the main reasons, she said, is strong economic growth. The U.S. economy is still expanding, and that continues to give companies and investors confidence even with inflation staying a concern.
She also pointed to strong demand for artificial intelligence as another major support for the market. Gupta expects U.S. stocks to keep delivering double-digit returns this year.
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