Kriti Gupta said persistent U.S. inflation is unlikely to derail the bull market, with economic growth and strong demand for artificial intelligence supporting further gains.
JPMorgan expects the S&P 500 to keep advancing despite what one of its top strategists described as a U.S. inflation "roller coaster." Kriti Gupta, Executive Director and Global Investment Strategist at JPMorgan Private Bank, said inflation alone is not enough to end the market’s longer-term upswing and projected the benchmark index would rise about 10% over the next 12 months to around 8,200 by the middle of next year. Gupta said the main pillars behind the rally remain intact, pointing to continued U.S. economic expansion and strong demand for artificial intelligence, which she said are helping sustain confidence among companies and investors. She also expects U.S. stocks to continue delivering double-digit returns this year.