• Investors surveyed by JPMorgan believe the S&P 500 has peaked for the year, with 93% expecting it to remain under 6,000 for the next 12 months. A significant portion anticipates a decline below 5,000, reflecting concerns over economic conditions, including stagflation and trade uncertainties. The survey indicates a shift in sentiment from previous bullish projections, with many attributing the downturn to protectionist trade policies and tariff-related fears that have dampened market momentum.

• Despite the overall pessimism regarding the S&P 500, a notable 41% of investors still view the 'Magnificent Seven' mega-cap tech stocks as a long-term investment opportunity. This group remains committed to buying on dips, indicating a divergence in sentiment within the tech sector compared to the broader market outlook. The survey results suggest that while the general market may face challenges, certain segments, particularly in technology, may continue to attract investment.