J.P. Morgan Asset Management

PA Record Market Highs Are Masking Growing Concentration Risks in Portfolios

Record Market Highs Are Masking Growing Concentration Risks in Portfolios

Investors may also question how big the risk is if these stocks often rally enthusiastically after a pullback.

PA Shipping Companies Could Become Unexpected Winners From Strait of Hormuz Disruption

Shipping Companies Could Become Unexpected Winners From Strait of Hormuz Disruption

Exposure to maritime transportation can act as a geopolitical hedge since the earning power of vessels can improve when trade is disrupted.

PA Trump and XI Meet as Investors Brace for Next Phase of U.S.-China Trade Tensions

Trump and XI Meet as Investors Brace for Next Phase of U.S.-China Trade Tensions

Investors should not expect tariff peace, as tariff and non-tariff barriers between both countries remain structurally elevated.

PA Inflation Could Stay Above Fed Targets Until 2027 Under Every Scenario

Inflation Could Stay Above Fed Targets Until 2027 Under Every Scenario

There are a number of paths inflation could take over the next 12 months, all of which are likely to keep the Fed on hold

PA Stocks Shake off Crisis After Crisis as Earnings Outlook Strengthens

Stocks Shake off Crisis After Crisis as Earnings Outlook Strengthens

Since the market low, the S&P 500 is up 13%. Last year, one month after reciprocal tariffs were postponed, markets had also jumped 13% off the lows.

PA Powell Extends Stay While Warsh Previews Shake-up in Fed Strategy

Powell Extends Stay While Warsh Previews Shake-up in Fed Strategy

Warsh has signaled sweeping changes to how the Fed operates that would not require congressional approval, which could change how markets price the Fed.

PA Private Markets Open up to Individuals, but Liquidity Promises Face Real-World Stress

Private Markets Open up to Individuals, but Liquidity Promises Face Real-World Stress

Semi-liquid funds are the most accessible way to invest in alternative assets, but they do come with trade-offs.

PA Volatile Markets, Hidden Taxes: What Investors Need to Know Now

Volatile Markets, Hidden Taxes: What Investors Need to Know Now

Tax-loss harvesting, in principle, lets investors capitalize on negative performance during periods of market stress.

PA AI Growth Is Running Into Hard Limits Across Chips, Power, and Data Centers

AI Growth Is Running Into Hard Limits Across Chips, Power, and Data Centers

As demand exceeds supply, pricing power accrues to the providers of scarce inputs.

PA Bankruptcies, AI Shocks, and Liquidity Fears: What’s Really Happening in Private Credit

Bankruptcies, AI Shocks, and Liquidity Fears: What’s Really Happening in Private Credit

In private credit, as with any type of credit, the key concerns are credit quality and the potential for defaults.

PA Double-Digit Earnings Growth Powers Stocks Higher Despite Global Uncertainty

Double-Digit Earnings Growth Powers Stocks Higher Despite Global Uncertainty

Profits are expected to grow 12.6% in Q1, marking the sixth consecutive quarter of double-digit earnings growth.

PA Rising Oil and Sticky Inflation Are Rewriting Rate Expectations

Rising Oil and Sticky Inflation Are Rewriting Rate Expectations

Markets still expect modest steepening driven by a gradual grind higher in the long end.

PA Oil Spike and Helium Shortage Put Pressure on AI Chip Production

Oil Spike and Helium Shortage Put Pressure on AI Chip Production

The conflict is also introducing new pressure points for the AI buildout, where several critical inputs trace back to the Persian Gulf.

PA S&P 500 Stays Steady While Stock-Level Chaos Creates Opportunity

S&P 500 Stays Steady While Stock-Level Chaos Creates Opportunity

Stocks are not only not moving lower in-sync, but like sector performance, many individual names are outperforming.

PA Fed Holds Rates Steady as Markets Abandon Cut Expectations and Shift Hawkish

Fed Holds Rates Steady as Markets Abandon Cut Expectations and Shift Hawkish

Developments in the Middle East on the U.S. economy remains highly uncertain but likely shifts the outlook for policy rates in a hawkish direction.

PA Rising Energy Costs Boost Profits but Limit Broader Economic Upside

Rising Energy Costs Boost Profits but Limit Broader Economic Upside

Altogether, the base case is that energy companies will lock in profits rather than materially ramp up production.

PA Investors Flee to Safety, but Gold, Dollar, and Bitcoin Tell Conflicting Stories

Investors Flee to Safety, but Gold, Dollar, and Bitcoin Tell Conflicting Stories

Many have met elevated stagflation concerns with a renewed interest in safe haven assets.

PA Energy Profits Jump Fast in Crises—but Timing That Trade Gets Harder

Energy Profits Jump Fast in Crises—but Timing That Trade Gets Harder

Energy sector profits are likely to pick up in Q1 and Q2 but growth may fade in the second half of the year.

PA Productivity Rebound Accelerates as AI Impact Still Lies Ahead

Productivity Rebound Accelerates as AI Impact Still Lies Ahead

As tempting as it is to credit artificial intelligence here, it would likely be premature.

PA Qubits, Billions in Funding, and Race to Commercial Quantum Advantage

Qubits, Billions in Funding, and Race to Commercial Quantum Advantage

Quantum computing is unlikely to meaningfully reduce demand for conventional data centers or chips in the immediate future.

PA Fannie and Freddie IPO Could Reshape Mortgage Rates, MBS Markets, and Housing Finance

Fannie and Freddie IPO Could Reshape Mortgage Rates, MBS Markets, and Housing Finance

The bond market impact is highly uncertain, though the reaction is likely to be felt most immediately in the agency MBS market.

PA Iran Conflict Raises Stakes for Oil, Inflation, and Global Markets

Iran Conflict Raises Stakes for Oil, Inflation, and Global Markets

Most geopolitical issues are geographically contained and only indirectly impact domestic growth and earnings.

PA Value Stocks Stage a Comeback as Market Leadership Rotates Beyond Big Tech

Value Stocks Stage a Comeback as Market Leadership Rotates Beyond Big Tech

Cyclical, structural, and secular stars are aligning for value stocks.

PA Public Market Volatility Raises Questions for Private Equity Tech Exposure

Public Market Volatility Raises Questions for Private Equity Tech Exposure

The strongest software businesses have defensible characteristics that extend well beyond their codebase.

PA Unemployment Falls, Wages Steady, and Fed Rate Cut Odds Narrow

Unemployment Falls, Wages Steady, and Fed Rate Cut Odds Narrow

Despite statistical distortions, this report showed a labor market with decent momentum heading into 2026.

PA The Fed Holds Steady as Policy Shifts Toward a Longer Pause

The Fed Holds Steady as Policy Shifts Toward a Longer Pause

Most likely next move remains a rate cut, but hinted this is unlikely until it becomes clearer that the inflationary effects of tariffs will be temporary.

PA After a Lost Year for Quality, Resilience Is Back on the Table

After a Lost Year for Quality, Resilience Is Back on the Table

Given the way in which they can make companies more resilient while also ensuring that company performance is translated into shareholder value.

PA A New Commodity Divide Is Emerging Between Metals and Energy

A New Commodity Divide Is Emerging Between Metals and Energy

Metal prices have been climbing while energy prices face downward pressure.

PA Robotics and the Next Phase of AI Investing

Robotics and the Next Phase of AI Investing

They also need fast, reliable chips inside the machine so they can see, decide and move in real time, without waiting on the cloud.

PA Lower Mortgage Rates Face a Structural Ceiling

Lower Mortgage Rates Face a Structural Ceiling

All things considered, this action may compress MBS spreads at the margin, but it’s unlikely to deliver a step-change lower in mortgage rates.

PA The AI Investment Reality Check: Massive Spend, Uneven Returns

The AI Investment Reality Check: Massive Spend, Uneven Returns

Achieving a 10% return on current AI investments could require $650 billion in annual revenue, or $35 from every iPhone user monthly.

PA A Quiet CPI Print Won’t Move the Fed—Here’s Why Policy Is Likely on Hold Into 2026

A Quiet CPI Print Won’t Move the Fed—Here’s Why Policy Is Likely on Hold Into 2026

Even with the slightly softer print, a full 25 bps cut isn’t priced in until July, versus June after the December jobs report.

PA U.S. Detains Venezuela’s President: Geopolitical Shockwaves and What It Means for Markets

U.S. Detains Venezuela’s President: Geopolitical Shockwaves and What It Means for Markets

At a minimum, the combined impact will create another layer of uncertainty for global growth and markets in the year ahead.

PA Cool Inflation, Rising Unemployment—but Don’t Trust the Data Just Yet

Cool Inflation, Rising Unemployment—but Don’t Trust the Data Just Yet

Investors are pricing in approximately a 20% chance of a January rate cut and ~60 basis points of easing in 2026.

PA The S&P 500’s Rally Isn’t Running on Fumes—Here’s What’s Really Powering Returns

The S&P 500’s Rally Isn’t Running on Fumes—Here’s What’s Really Powering Returns

Not only were returns driven by multiples in 2023, but they were also highly concentrated, as the AI-spawned Magnificent 7 drove 63% of returns.

PA Beyond the 60/40: Why Investors Are Turning To Hedge Funds as Policy Volatility Rises

Beyond the 60/40: Why Investors Are Turning To Hedge Funds as Policy Volatility Rises