Investment Strategy

As markets rally, nothing changes sentiment like price

Oct 22, 2021

Risk markets everywhere are rising, and the S&P 500 returned to all-time highs. So, what’s driving this week’s activity?

Our Top Market Takeaways for October 22, 2021.

5 observations on the market rally

Nothing changes sentiment like price. Just a few weeks ago we outlined the bear case that investors were flirting with. How times have changed. Heading into the weekend, the S&P 500 is back to all-time highs, and risk markets everywhere are climbing. U.S. banks, home improvement warehouses, next-generation automakers, and digital entertainment companies are making all-time highs. So is Bitcoin. Even Chinese tech stocks, perhaps the worst assets in the world to own this year, are up 20% from their lows earlier this month. Sovereign bonds are selling off, and implied volatility is at pandemic-era lows.   


1. Earnings season is off to a strong start. 

Heading into Friday, 109 S&P 500 companies had reported earnings for the third quarter. 75 have surprised to the upside on sales and 89 have surprised on earnings. Coming into the season, analysts expected earnings for the third quarter to be lower than last quarter…but at the current rate, earnings will actually be 4% higher. Wondering about all those supply chain issues and labor shortages? They exist, but haven’t hindered business. Banks, for example, don’t have the same physical constraints as the goods industry and almost all of them exceeded expectations. Some companies like Nike and FedEx were punished for supply chain issues and labor shortages, but others like J.B. Hunt, Union Pacific, and Tesla showed that pricing power and flexibility help manage through disruptions. Overall, the early trends have been encouraging. Earnings growth has powered the entirety of the 20% gain in the S&P 500 this year, and we expect that to continue into 2022.

This chart shows the S&P 500 Price-to-Earnings (valuation) and Earnings-Per-Share expectations (earnings) on a rolling next twelve month basis, from January 3, 2020 to October 14, 2021. The first data point comes in at 18.2x for valuation and $178 for earnings. From here, valuation rises to 18.9x by late-February 2020, before it drops to a trough of 13x by late-March 2020. Earnings stayed steady around $178 before also rapidly declining to $142.1 by mid-May 2020. Then, valuation rapidly increases to 22.5x by early-June 2020, while earnings gradually incline to $169 by mid-December 2020. Here, valuation declines to 20.8x before bouncing to a peak of 23.1x by early-September 2020. Earnings decline a bit to $166.6, before slowly surging once more to $194.6 by early-May 2021. Here, valuation declines to 20.6x, before quickly rising to 22.2x and then declining again to 20.1x by late-October 2020. Then, valuation inclines to 22.7x before dipping to 21.3x, then quickly rising to 22.2x, and then it declines once more to 21x by early-March 2021. Here, valuation increases to 22.4x and then declines to 21.5x by mid-July 2021, while earnings continues inclining to $209.6 by late-July 2021. From there until recently, valuation steadily declines to 20.7x, while earnings inclines to $216.1 by mid-October 2021.

2. Well, we’re waiting. 

Even though some companies have been managing through supply chain chaos, it is still on everyone’s mind. Bloomberg’s Transcript Analyzer shows that S&P 500 company executives have uttered the words “supply chain” about 3,000 times so far this year (which is a record, for those of you keeping score). The question is for how much longer we’ll have to deal with the bottlenecks. While these should gradually improve over the next few months, we aren’t going to hold our breath. A typhoon in Asia has backed up ports in the region, and many of those ships will be headed to log-jammed U.S. ports once they set sail. It probably makes sense to do your holiday shopping early this year….

This chart shows the number of containerships waiting and in port in five major global ports as of October 18, 2021. In Hong Kong/Shenzhen/PRD, there are 109 ships waiting and 68 in port. In Shanghai/Ningbo/Zhoushan, there are 60 ships waiting and 76 in port. In Singapore, there are 41 ships waiting and 39 in port. In LA/Long Beach, there are 35 waiting and 28 in port. Finally, in Savannah, there are 25 waiting and 6 in port.

3. Re-fi-ing De-Fi. 

The first U.S. listed Bitcoin-linked ETF is now the most successful launch in exchange-traded fund history. The ETF gained over 1 billion of assets in just two days, beating the largest Gold ETF’s 18-year-old record. The ETF also saw volumes over $1 billion for each of its first three trading days, more than stalwarts like the silver ETF, the Dow Jones ETF or the ARK Innovation ETF. Perhaps unsurprisingly, Bitcoin rallied to all-time highs.

4. [Some] central banks are getting antsy. 

Not all central banks are like the Federal Reserve. The Bank of England is the most notable central bank to signal that a rate-hiking cycle might be imminent. At a conference on Monday, Governor Bailey said that “We, at the Bank of England, have signaled, and this is another such signal, that we will have to act” to fight inflation and to keep inflation expectations anchored. That is not exactly subtle, and a far cry from Jerome Powell and Christine Lagarde’s much more balanced and patient tone. Short-term rates in the United Kingdom were already soaring, and Bailey is only adding fuel to the fire.

This chart shows the U.S. 2-year Treasury yield and UK 2-year Gilt from January 2019 to mid-October 2021. In early 2019, the U.S. 2-year Treasury yield measured 2.4%. It slightly climbed from there yet began its ascent at an absolute high of 2.6% in mid-January 2019. It then fell to 1.4% by August 2019. Meanwhile, the UK 2-year Gilt began at 0.7%, falling at a shallower rate to hit 0.4% by August 2019. Both rates hovered respectively prior to mid-February 2020. At this point, the U.S. 2-year had a dramatic nosedive to 0.4% by mid-March 2020. The UK 2-year also fell, but much less dramatically, reaching 0.05% at the same time. The U.S. 2-year kept falling to an absolute low of 0.1% in May 2020, whereas the UK 2-year fell into the negatives, hitting an absolute low of -0.2% by the end of 2020. The U.S. 2-year stayed near that level until mid-June 2021 when it felt a slight increase to 0.2%. The UK 2-year felt this slight pop a bit earlier, reaching 0.08% in early March 2021. For the U.S. 2-year, from June 2021, it hovered near 0.2% until the end of September when it began a modest ascent. As of late, it marks 0.4%. For the UK 2-year, from March 2021, it hovered near 0.08% until early August when it began a steeper ascent than the U.S.. As of late, it tops the U.S. and marks 0.7%.

Notably, futures markets are starting to sense a “policy error.” They suggest short rates in the UK will be lower in two years than they are in one year. That means that the Bank of England might cause a growth slowdown that they could try to reverse through interest rate cuts. You don’t have to be a central bank wonk to know that it’s bad news if the market is already pricing cuts before you have even hiked. Bailey admitted that central banks cannot fix supply chain bottlenecks with their tools, but he is so concerned with inflation he is willing to risk a growth slowdown to combat it. We still believe the Fed will remain patient, but if we did see pricing like this in the U.S. yield curve, it would likely lead to turbulence for risk assets.

5. Crunch time in Washington. 

Democratic lawmakers are busy hammering out the details of President Biden’s economic agenda. While there still might be a long way to go to a final bill, there have been some perceived shifts that are a positive for markets. Based on recent press reports, markets now think materially higher corporate tax rates are all but off the table. According to predictit.org, there is now just a 10% chance that the corporate tax rate will be raised to above 24.5%, down from an almost 50-50 chance earlier this week. In fact, that market suggests an 80% chance that corporate taxes don’t change at all. Interestingly, the perception around the amount of spending hasn’t changed. There is still a long way to go, and there is a chance that other tax provisions (like changes to global intangible income taxes) are more onerous to split the difference, but the buzz from Washington this week was a positive for markets.

Get Top Market Takeaways delivered to your inbox.

All market and economic data as of October 2021 and sourced from Bloomberg and FactSet unless otherwise stated.

We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Opinions, estimates, and investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice.

RISK CONSIDERATIONS

  • Past performance is not indicative of future results. You may not invest directly in an index.
  • The prices and rates of return are indicative, as they may vary over time based on market conditions.
  • Additional risk considerations exist for all strategies.
  • The information provided herein is not intended as a recommendation of or an offer or solicitation to purchase or sell any investment product or service.
  • Opinions expressed herein may differ from the opinions expressed by other areas of J.P. Morgan. This material should not be regarded as investment research or a J.P. Morgan investment research report.

Contact us to discuss how we can help you experience the full possibility of your wealth.

Please tell us about yourself, and our team will contact you. 
*Required Fields

Contact us to discuss how we can help you experience the full possibility of your wealth.

Please tell us about yourself, and our team will contact you. 

Tell Us More About You

1000 Characters Maximum

Your Recent History

Important Information

All companies referenced are shown for illustrative purposes only, and are not intended as a recommendation or endorsement by J.P. Morgan in this context.

All market and economic data as of October 2021 and sourced from Bloomberg and FactSet unless otherwise stated.

The information presented is not intended to be making value judgments on the preferred outcome of any government decision.

This material is for information purposes only, and may inform you of certain products and services offered by private banking businesses of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.

  • The MSCI China Index captures large- and mid-cap representation across China H shares, B shares, Red chips, P chips and foreign listings (e.g., ADRs). With 459 constituents, the index covers about 85% of this China equity universe. Currently, the index also includes Large Cap A shares represented at 5% of their free float adjusted market capitalization.
  • The Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941–43 base period.
  • The STOXX Europe 600 Index tracks 600 publicly traded companies based in one of 18 EU countries. The index includes small-cap, medium-cap and large-cap companies. The countries represented in the index are Austria, Belgium, Denmark, Finland, France, Germany, Greece, Holland, Iceland, Ireland, Italy, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

GENERAL RISKS & CONSIDERATIONSAny views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCECertain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

IMPORTANT INFORMATION ABOUT YOUR INVESTMENTS AND POTENTIAL CONFLICTS OF INTEREST

Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio’s investment objective.

As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

While our internally managed strategies generally align well with our forward-looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included. We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.

The Six Circles Funds are U.S.-registered mutual funds managed by J.P. Morgan and sub-advised by third parties. Although considered internally managed strategies, JPMC does not retain a fee for fund management or other fund services.

LEGAL ENTITY, BRAND & REGULATORY INFORMATION

In the United States, bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

JPMorgan Chase Bank, N.A. and its affiliates (collectively “JPMCB”) offer investment products, which may include bank-managed investment accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC (“JPMS”), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPM. Products not available in all states.

In Luxembourg, this material is issued by J.P. Morgan Bank Luxembourg S.A. (JPMBL), with registered office at European Bank and Business Centre, 6 route de Treves,  L-2633, Senningerberg, Luxembourg. R.C.S Luxembourg B10.958. Authorized and regulated by Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF. J.P. Morgan Bank Luxembourg S.A. is authorized as a credit institution in accordance with the Law of 5th April 1993. In the United Kingdom, this material is issued by J.P. Morgan Bank Luxembourg S.A., London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP. Authorized and regulated by Commission de Surveillance du Secteur Financier and jointly supervised by the European Central Bank and the CSSF. Deemed authorized by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the United Kingdom for a limited period while seeking full authorization, are available on the Financial Conduct Authority’s website.  In Spain, materials are distributed by J.P. Morgan Bank Luxembourg S.A., Sucursal en España at its registered address: Paseo de la Castellana 31, Madrid 28046, Spain. J.P. Morgan Bank Luxembourg S.A., is authorized and regulated by Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF. When acting through the Madrid branch, is also subject to the supervision of Bank of Spain and CNMV. Registered with Bank of Spain as a branch of J.P. Morgan Bank Luxembourg S.A. under code 1516. In Germany, this material is distributed by J.P. Morgan Bank Luxembourg S.A., Frankfurt Branch, at its registered address Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany. J.P. Morgan Bank Luxembourg S.A. is authorized and regulated by Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF. J.P. Morgan Bank Luxembourg S.A., Frankfurt Branch is subject to regulation by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)) in Germany. In Italy, this material is distributed by J.P. Morgan Bank Luxembourg S.A., Milan Branch, registered office at Via Cordusio 3, 20123 Milano, Italy. Authorized and regulated by Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF. When acting through the Milan branch, J.P. Morgan Bank Luxembourg S.A. is also subject to the supervision of Banca d’Italia CONSOB. Milan Chamber of Commerce Registered Number: REA MI-2542712. Registered with Bank of Italy as a branch of J.P. Morgan Bank Luxembourg S.A. under code 8079. In the Netherlands, this material is distributed by J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch, at its registered address World Trade Centre, B-toren, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands. J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch is authorized and regulated by the Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF in Luxembourg; J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch is also authorized and supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM) in the Netherlands. Registered with the Kamer van Koophandel as a branch of J.P. Morgan Bank Luxembourg S.A. under registration number 71651845. In Denmark, this material is distributed by J.P. Morgan Bank Luxembourg, Copenhagen Br, filial af J.P. Morgan Bank Luxembourg S.A. at its registered office at Kalvebod Brygge 39-41, 1560 København V, Denmark. Business Authority Number: 39608510 (CVR). J.P. Morgan Bank Luxembourg S.A. is authorized and regulated by Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF. When acting through the Copenhagen branch, J.P. Morgan Bank Luxembourg, Copenhagen Br, filial af J.P. Morgan Bank Luxembourg S.A. is also subject to the supervision of Finanstilsynet (Danish FSA) and registered with Finanstilsynet as a branch of J.P. Morgan Bank Luxembourg S.A. under code 29009. In Sweden, this material is distributed by J.P. Morgan Bank Luxembourg S.A., Stockholm Bankfilial, at its registered office at Hamngatan 15, Stockholm, 11147, Sweden. J.P. Morgan Bank Luxembourg S.A. is authorized and regulated by Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF.  When acting through the Stockholm branch, it is also subject to the supervision of Finansinspektionen (Swedish FSA). Registered with Finansinspektionen as a branch of J.P. Morgan Bank Luxembourg S.A. Organization Reference Number: 516406-1086. In France, this material is distributed by JPMorgan Chase Bank, N.A. (“JPMCB”), Paris branch, which is regulated by the French banking authorities the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers. In Switzerland, this material is distributed by J.P. Morgan (Suisse) SA, with registered address at rue de la Confédération, 8, 1204, Geneva, Switzerland, which is authorized and supervised by the Swiss Financial Market Supervisory Authority (FINMA), with registered address at Laupenstrasse 27, 3003, Bern, Switzerland, as a bank and a securities dealer in Switzerland. 

This communication is an advertisement for the purposes of the Markets in Financial Instruments Directive (MIFID II) and the Swiss Financial Services Act (FINSA). Investors should not subscribe for or purchase any financial instruments referred to in this advertisement except on the basis of information contained in any applicable legal documentation, which is or shall be made available in the relevant jurisdictions (as required).

In Hong Kong, this material is distributed by JPMCB, Hong Kong branch. JPMCB, Hong Kong branch is regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission of Hong Kong. In Hong Kong, we will cease to use your personal data for our marketing purposes without charge if you so request. In Singapore, this material is distributed by JPMCB, Singapore branch. JPMCB, Singapore branch is regulated by the Monetary Authority of Singapore. Dealing and advisory services and discretionary investment management services are provided to you by JPMCB, Hong Kong/Singapore branch (as notified to you). Banking and custody services are provided to you by JPMCB Singapore Branch. The contents of this document have not been reviewed by any regulatory authority in Hong Kong, Singapore or any other jurisdictions. You are advised to exercise caution in relation to this document. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. For materials which constitute product advertisement under the Securities and Futures Act and the Financial Advisers Act, this advertisement has not been reviewed by the Monetary Authority of Singapore. JPMorgan Chase Bank, N.A. is a national banking association chartered under the laws of the United States, and as a body corporate, its shareholder’s liability is limited.

With respect to countries in Latin America, the distribution of this material may be restricted in certain jurisdictions. We may offer and/or sell to you securities or other financial instruments which may not be registered under, and are not the subject of a public offering under, the securities or other financial regulatory laws of your home country. Such securities or instruments are offered and/or sold to you on a private basis only. Any communication by us to you regarding such securities or instruments, including without limitation the delivery of a prospectus, term sheet or other offering document, is not intended by us as an offer to sell or a solicitation of an offer to buy any securities or instruments in any jurisdiction in which such an offer or a solicitation is unlawful. Furthermore, such securities or instruments may be subject to certain regulatory and/or contractual restrictions on subsequent transfer by you, and you are solely responsible for ascertaining and complying with such restrictions. To the extent this content makes reference to a fund, the Fund may not be publicly offered in any Latin American country, without previous registration of such fund’s securities in compliance with the laws of the corresponding jurisdiction. Public offering of any security, including the shares of the Fund, without previous registration at Brazilian Securities and Exchange Commission—CVM is completely prohibited. Some products or services contained in the materials might not be currently provided by the Brazilian and Mexican platforms.

JPMorgan Chase Bank, N.A. (JPMCBNA) (ABN 43 074 112 011/AFS Licence No: 238367) is regulated by the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. Material provided by JPMCBNA in Australia is to “wholesale clients” only. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Corporations Act 2001 (Cth). Please inform us if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

JPMS is a registered foreign company (overseas) (ARBN 109293610) incorporated in Delaware, U.S.A. Under Australian financial services licensing requirements, carrying on a financial services business in Australia requires a financial service provider, such as J.P. Morgan Securities LLC (JPMS), to hold an Australian Financial Services Licence (AFSL), unless an exemption applies. JPMS is exempt from the requirement to hold an AFSL under the Corporations Act 2001 (Cth) (Act) in respect of financial services it provides to you, and is regulated by the SEC, FINRA and CFTC under U.S. laws, which differ from Australian laws. Material provided by JPMS in Australia is to “wholesale clients” only. The information provided in this material is not intended to be, and must not be, distributed or passed on, directly or indirectly, to any other class of persons in Australia. For the purposes of this paragraph the term “wholesale client” has the meaning given in section 761G of the Act. Please inform us immediately if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.

This material has not been prepared specifically for Australian investors. It:

  • May contain references to dollar amounts which are not Australian dollars;
  • May contain financial information which is not prepared in accordance with Australian law or practices; 
  • May not address risks associated with investment in foreign currency denominated investments; and
  • Does not address Australian tax issues.

References to “J.P. Morgan” are to JPM, its subsidiaries and affiliates worldwide. “J.P. Morgan Private Bank” is the brand name for the private banking business conducted by JPM. This material is intended for your personal use and should not be circulated to or used by any other person, or duplicated for non-personal use, without our permission. If you have any questions or no longer wish to receive these communications, please contact your J.P. Morgan team. 

LEARN MORE About Our Firm and Investment Professionals Through FINRA Brokercheck

To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products

 

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states. Please read the Legal Disclaimer in conjunction with these pages.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

Equal Housing Lender Icon Bank deposit products, such as checking, savings and bank lending and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC. Not a commitment to lend. All extensions of credit are subject to credit approval.