JPMorgan Private Bank strategist Kriti Gupta said the S&P 500 rally is not over despite inflation and interest rate pressures, forecasting the index to reach about 8,200 points by mid-2027. Gupta recommends focusing on US growth stocks such as Microsoft and Amazon, while keeping portfolios balanced with US tech stocks, selective Latin American growth assets, and a 5% gold allocation as a hedge.

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.