JP Morgan predicts huge stock market crash in the US

Leading investment bank JP Morgan has predicted a major stock market crash in the United States. The bank remains cautious on the S&P 500 index, noting that a 20% drop could be in store. JP Morgan’s doomsday prediction on the stock markets comes as the BRICS seek to uproot the dollar and hurt the US economy.

Also read: Major US sector could be affected if BRICS abandon dollar

The US economy is going to ruin itself, with the BRICS having little to do to bring it down, according to JP Morgan. The bank noted that the 20 largest US stocks have jumped more than 27% in value since the beginning of the year (YTD). The stocks have outperformed the S&P 500 index, which has jumped nearly 16% since the beginning of the year. The top 20 US stocks have also outperformed the Russell 2000, which is up just 1.73% since the beginning of the year.

Read also : BRICS: India considers rejecting new memberships in 2024

BRICS: US stock market could collapse by 23%, warns JP Morgan

JP Morgan has predicted that a major correction The S&P 500 could crash to 4,200 points, a drastic drop of 23%. If the US stock market falls by 23%, according to JP Morgan, the BRICS currencies will gain strength in the foreign exchange markets.

Read also : BRICS: 2 new developing countries apply to join the Alliance in 2024

As the US stock market looks for ways to stop the slide, the BRICS could cause more damage by cutting their ties with the dollar. Read here to know how many sectors in the US will be affected if the BRICS abandon the dollar in favor of trade. JP Morgan’s bearish forecast for the US stock market is bullish on the BRICS as they want to drag the dollar down.

The weakening of the US dollar is a boon for the BRICS, which want to promote local currencies in trade. JP Morgan has already warned that the US dollar could collapse in the coming decades and that the BRICS could make the most of this decline.

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