One of the biggest bears in this bull market is leaving JPMorgan

by | Jul 3, 2024 | Financial

In this articleJPMFollow your favorite stocksCREATE FREE ACCOUNTJPMorgan’s Marko Kolanovic.Crystal Mercedes | CNBCA top strategist at JPMorgan who was caught offside by the stock market rally is quitting the investment firm.Marko Kolanovic, who served as chief global markets strategist and co-head of global research, is leaving the bank to explore other opportunities, according to a source familiar with the internal announcement.In his place, Hussein Malik will become the sole head of global research, and Dubravko Lakos-Bujas will serve as chief markets strategist.Kolanovic rose to prominence among market watchers for correctly predicting a stock market rebound in the middle of the Covid-19 pandemic. But he has been consistently bearish over the past two years as the market has reached new highs.JPMorgan’s current year-end prediction for the S&P 500 is 4,200, while no other major firm in the CNBC Market Strategist Survey is below 5,200. JPMorgan’s prediction is officially credited to Lakos-Bujas, who worked under Kolanovic.The S&P 500 is up more than 15% this year and closed above 5,500 on Tuesday.News of Kolanovic’s departure was first reported by Bloomberg News.Don’t miss these insights from CNBC PROAn AI data center boom is coming, Jefferies says, naming top stocks to buy right nowWarren Buffett’s Berkshire Hathaway raked in billions from BYD, the China EV maker Munger called a ‘damn miracle’These Nasdaq stocks are expected to fall as the latter half of the year beginsS&P 500 to tumble 30% as recession hits later this year, says BCA Research …

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[mwai_chat context=”Let’s have a discussion about this article:nnIn this articleJPMFollow your favorite stocksCREATE FREE ACCOUNTJPMorgan’s Marko Kolanovic.Crystal Mercedes | CNBCA top strategist at JPMorgan who was caught offside by the stock market rally is quitting the investment firm.Marko Kolanovic, who served as chief global markets strategist and co-head of global research, is leaving the bank to explore other opportunities, according to a source familiar with the internal announcement.In his place, Hussein Malik will become the sole head of global research, and Dubravko Lakos-Bujas will serve as chief markets strategist.Kolanovic rose to prominence among market watchers for correctly predicting a stock market rebound in the middle of the Covid-19 pandemic. But he has been consistently bearish over the past two years as the market has reached new highs.JPMorgan’s current year-end prediction for the S&P 500 is 4,200, while no other major firm in the CNBC Market Strategist Survey is below 5,200. JPMorgan’s prediction is officially credited to Lakos-Bujas, who worked under Kolanovic.The S&P 500 is up more than 15% this year and closed above 5,500 on Tuesday.News of Kolanovic’s departure was first reported by Bloomberg News.Don’t miss these insights from CNBC PROAn AI data center boom is coming, Jefferies says, naming top stocks to buy right nowWarren Buffett’s Berkshire Hathaway raked in billions from BYD, the China EV maker Munger called a ‘damn miracle’These Nasdaq stocks are expected to fall as the latter half of the year beginsS&P 500 to tumble 30% as recession hits later this year, says BCA Research …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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