JPMorgan: Limited Gains Expected for US Stocks in the Second Half of the Year Amid Four Major Market Risks

```htmlGolden Ten Data, July 21st｜A research team led by JPMorgan senior researcher Zahin Ov pointed out in a report that the S&P 500 index may perform “weaker” relative to international stock markets during the remainder of 2026. The report stated: “We expect US stocks to rise from current levels, but year-end returns are unlikely to reach the levels of the first half of 2026.” The bank identified several main factors that will influence the market for the rest of 2026: structural changes in the bond market driving increased volatility, persistently high inflation and interest rates, a high proportion of retail investors easily triggering negative feedback, and AI disruptions to employment.```