locate an office

offices near you

office near you

Investment Strategy

The bulls are running, but will it last?

Feb 03, 2023

Central banks signal a shift in tone, European equities rally on a recession delayed, and investors shrug off a weak earnings season.

Jacob Manoukian, U.S. Head of Investment Strategy

Sarah Stillpass, Global Investment Strategist

 

Our Top Market Takeaways for February 03, 2023.

Market update

The bulls are back in town

 

The initial descent. The big takeaway from the week is that central banks seem pleased with the progress they have made on inflation, even if they aren’t ready to declare victory. The Federal Reserve raised rates by only 25 basis points (bps), and Chair Powell used words such as “welcome” and “gratifying” to describe the most recent “disinflationary” data. Meanwhile, in Europe, Christine Lagarde also conceded that the inflation picture has improved, even though she vowed that another 50-basis-point hike was coming in March.

While the campaign against inflation isn’t over, the tone has clearly changed. Perhaps most importantly, the Fed seemed disinterested in the market rally so far this year—a notable shift from communication last fall that was designed at least in part to raise credit spreads and lower equity prices. The inflation emergency is over, while the latent risks to growth remain.

AGGRESSIVE RATE HIKING CYCLES ARE COMING TO AN END

Source: Bloomberg Finance L.P. Data as of February 3, 2023
The chart shows the Fed Funds Target Rate versus the European Central Bank Deposit (ECB) Rate from January 2019 through February 3, 2023. In January 2018, the Fed Funds Target Rate and ECB Deposit Rate were 1.50% and -0.40%, respectively. In January 2019, the Fed rate was 2.50%, whereas the ECB rate was still in the negatives at -0.40%. In February 2020, the Fed rate was 1.75% and the ECB rate was -0.50%. The ECB rate remained at -0.50% until January 2022. It then moved to 0% in January 2022 before climbing into positive territory at 0.75% through August 2022. From there, the ECB deposit rate continued to climb and finished 2022 at 2%, and currently sits at 2.5% as of February 2, 2023. The Fed rate was 1.25% by March 2020 and then was brought down significantly to 0.25% by March 2020, where it stayed through March 2022, when the first hike was made. By June 2022, the Fed rate hit 1.75% after multiple hikes, and then continued to move to 3.25% by October 2022, and by December 2022, it was 4.5%. In February 2023, another Fed rate hike occurred, and the rate now sits at 4.75%.

Dovish reaction. Markets rallied this week. Bond yields fell across the curve, with 2-year Treasury yields dropping to their lowest levels since October. Ten-year Treasury yields dropped below the technically important 3.5% level, and 30-year mortgage rates are approaching 6%. Markets are still implying an ~80% probability of another 25-basis-point hike at the next Fed meeting in March, but it seems like risks are finally skewed toward the Fed doing less than that. Core bonds, our top idea heading into the year, have returned close to 4% already.

Equities cheered this week. The NASDAQ 100 ripped by over +4%, while the S&P 500 gained over +2%. Some interesting cyclical names made new 52-week highs, including Pulte, DR Horton, Lennar, Wynn, Starbucks, Tapestry, and ON Semiconductor. European equities surged to post-invasion highs, and are now flat over the last year. 

The VIX implied equity volatility index closed at one of its lowest levels of the last year, and the MOVE implied bond volatility index made its lowest close since last March. Lower volatility is welcome news for investors. We did think markets would be stronger in 2023, and a 10% year-to-date rally in global equities is a great start.

EUROPE HAS OUTPERFORMED THE U.S. OVER THE LAST YEAR, AND TECH HAS SURGED RECENTLY

Source: FactSet. Data as of February 2, 2023.
This chart shows the index price return for the S&P 500, NASDAQ 100 and STOXX Europe 600 from February 2022 through February 2, 2023. The indices have similar stories, but STOXX Europe 600 has outperformed throughout the past year. On February 2, 2022, the S&P 500 total return was 0.9%. By the end of March 2022, it was 1.5%, and by the end of June 2022, it was down a whopping -16.2%. It gained back a small bit of ground by the end of August 2022, returning -12.2%, and by the end of October it was -13.8%. It finished the year at -14.2% and has since regained a significant amount to close at -6.5% on February 2, 2023. On February 2, 2022, the NASDAQ 100 total return was 0.8%. By the end of March 2022, it was 0.5% and by the end of June 2022, it was down significantly at -23.1%. By the end of August 2022, it returned -17.9%, and by the end of October it was down -23.6%. It finished the year down -26.6% and remains down, as it closed at -14% on February 2, 2023. On February 2, 2022, the STOXX Europe 600 total return was 0.5%. By the end of March 2022, it was -2.1%, and by the end of June 2022, it was down significantly at -10.4% (still less than its S&P 500 and NASDAQ 100 counterparts). By the end of August 2022, it was down -7.9%, and by the end of October it was down -11.7%. It finished the year down -7.2% and remains barely in the red, as it closed at -1.5% on February 2, 2023.

Mixed bag for data. Besides the Fed, there were plenty of data points for investors to parse through. This morning, the latest employment report crushed economist expectations, and showed that the United States economy gained over 500,000 jobs in the month of January, while the unemployment rate fell to 3.4%. While there could be some seasonal quirks that overstate the strength, this reduces near term recession risk, but also confirms that the Fed will probably still raise rates one or two more times during this cycle.

The S&P Manufacturing PMI for the US stabilized at 46.9 (verses 46.2 last month), while the ISM Manufacturing survey deteriorated further to 47.4. Markets were much more focused on the Fed’s decision and tone, and would probably justify the economic weakness as proof that higher rates are having their intended impact. 

The most perplexing piece of data was probably the JOLTS Job Openings, which signaled a surge in labor demand from companies despite the plethora of headlines about layoffs from the tech sector.

Over in Europe, headline inflation came in softer than expected (8.5% YoY verses 8.9% expected), thanks to the big drop in energy prices. While the core measure was still firm (5.2% YoY), falling energy prices will help alleviate the cost-of-living crisis and will help improve the outlook for the region.

EUROPEAN ECONOMIC DATA HAS BEEN SURPRISING TO THE UPSIDE

Source: Citi, Bloomberg Finance L.P. Data as of February 2, 2023
This graph shows the Citi Economic Surprise Index for Europe from January 4, 2016, until January 17, 2023. The first datapoint for the Europe was 15.9. From there, Europe rose to 59.5 by November 17, 2017, then it declined to -94.3 and then climbed to -9.3, by July 24, 2019. Here, Europe hit 58.3, then it declined to an all-time low before rising back to an all-time peak of 180 by August 19, 2020. Then it dropped to -69.1 by November 1, 2021. From there until recently, it rose to 78.2 in January 2023 and hit 86.5 in February of 2023.

Learnings from earnings. While the outright read of this quarter’s earnings season is pretty weak (earnings have surprised to the downside in aggregate relative to a +4.1% average beat over the last four quarters), the market has largely shrugged it off. Just last night, behemoths Apple, Amazon and Alphabet reported lackluster results, but that has merely dented the year-to-date rally. 

On the other hand, perhaps the star of earnings seasons so far has been Meta (nee Facebook), which surged by ~25% after reporting stronger than expected results and outlining a plan to return capital to shareholders through buybacks.

What it means for you. In our outlook, we wrote that markets were presenting investors with potentially one of the best entry points for a balanced portfolio of stocks and bonds in a decade. Even though markets have started the year off stronger than most could have imagined, those that are building a long-term portfolio should still feel confident about putting their capital to work. 

The major headwinds of 2022 (inflation, hawkish central banks and a collapse in housing activity) are receding, while the prospects for Europe and China are improving. The U.S. economy is not out of the woods, but the rally that we have seen to start the year signals that expectations are still low. Most importantly, investors have compelling options across asset classes, geographies and investment styles, at least for now. 

Please reach out to your J.P. Morgan team for more on the opportunities that we see, and how they might fit into your financial plan.

Get Top Market Takeaways delivered to your inbox.

All market and economic data as of February 2023 and sourced from Bloomberg Finance L.P. 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. 

Enter your First Name

> or < are not allowed

Only 40 characters allowed

Enter your Last Name

> or < are not allowed

Only 40 characters allowed

Select your country of residence

Enter valid street address

> or < are not allowed

Only 150 characters allowed

Enter your city

> or < are not allowed

Only 35 characters allowed

Select your state

> or < are not allowed

Enter your ZIP code

Please enter a valid zipcode

> or < are not allowed

Only 10 characters allowed

Enter your postal code

Please enter a valid zipcode

> or < are not allowed

Only 10 characters allowed

Enter your phone number

Tell Us More About You

0/1000

Only 1000 characters allowed

Checkbox is not selected

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 February 2023 and sourced from Bloomberg Finance L.P. and FactSet unless otherwise stated.

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

KEY RISKS. This material is for information purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part 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.

GENERAL RISKS & CONSIDERATIONS. Any 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-RELIANCE. Certain 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 Germany, this material is issued by J.P. Morgan SE, with its registered office at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). In Luxembourg, this material is issued by J.P. Morgan SE—Luxembourg Branch, with registered office at European Bank and Business Centre, 6 route de Treves, L-2633, Senningerberg, Luxembourg, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Luxembourg Branch is also supervised by the Commission de Surveillance du Secteur Financier (CSSF); registered under R.C.S Luxembourg B255938. In the United Kingdom, this material is issued by J.P. Morgan SE—London Branch, registered office at 25 Bank Street, Canary Wharf, London E14 5JP, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—London Branch is also supervised by the Financial Conduct Authority and Prudential Regulation Authority. In Spain, this material is distributed by J.P. Morgan SE, Sucursal en España, with registered office at Paseo de la Castellana, 31, 28046 Madrid, Spain, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE, Sucursal en España is also supervised by the Spanish Securities Market Commission (CNMV); registered with Bank of Spain as a branch of J.P. Morgan SE under code 1567. In Italy, this material is distributed by J.P. Morgan SE—Milan Branch, with its registered office at Via Cordusio, n.3, Milan 20123, Italy, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Milan Branch is also supervised by Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB); registered with Bank of Italy as a branch of J.P. Morgan SE under code 8076; Milan Chamber of Commerce Registered Number: REA MI 2536325. In the Netherlands, this material is distributed by J.P. Morgan SE—Amsterdam Branch, with registered office at World Trade Centre, Tower B, Strawinskylaan 1135, 1077 XX, Amsterdam, The Netherlands, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Amsterdam Branch is also 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 SE under registration number 72610220. In Denmark, this material is distributed by J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland, with registered office at Kalvebod Brygge 39-41, 1560 København V, Denmark, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Copenhagen Branch, filial af J.P. Morgan SE, Tyskland is also supervised by Finanstilsynet (Danish FSA) and is registered with Finanstilsynet as a branch of J.P. Morgan SE under code 29010. In Sweden, this material is distributed by J.P. Morgan SE—Stockholm Bankfilial, with registered office at Hamngatan 15, Stockholm, 11147, Sweden, authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and jointly supervised by the BaFin, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB); J.P. Morgan SE—Stockholm Bankfilial is also supervised by Finansinspektionen (Swedish FSA); registered with Finansinspektionen as a branch of J.P. Morgan SE. In France, this material is distributed by JPMorgan Chase Bank, N.A.—Paris Branch, registered office at 14, Place Vendome, Paris 75001, France, registered at the Registry of the Commercial Court of Paris under number 712 041 334 and licensed by the Autorité de contrôle prudentiel et de resolution (ACPR) and supervised by the ACPR and the Autorité des Marchés Financiers. In Switzerland, this material is distributed by J.P. Morgan (Suisse) SA, with registered address at rue du Rhône, 35, 1204, Geneva, Switzerland, which is authorized and supervised by the Swiss Financial Market Supervisory Authority (FINMA) 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.

© $$YEAR JPMorgan Chase & Co. All rights reserved.

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.