Morgan has increased its year-end target for the S&P 500 to 7,800, signaling continued confidence in U.S. equities despite a volatile macro backdrop.
The revision reflects the bank’s view that corporate earnings and economic resilience will support further upside, even as the index trades near record highs.
Dimon cautioned that a growing mix of risks, including geopolitical instability and potential liquidity shocks, could combine in unpredictable ways.
The move comes as the S&P 500 has defied the protracted U.S.-Iran conflict, rebounding from an initial dip to close above 7,000 for the first time since the war began.
The index’s ability to reach new peaks suggests that investors are currently pricing in a soft landing or limited economic disruption from the geopolitical tensions.
Morgan CEO Jamie Dimon has issued stark warnings about the fragility of the current market regime.
Dimon cautioned that a growing mix of risks, including geopolitical instability and potential liquidity shocks, could combine in unpredictable ways.