JPMorgan Strategist Predicts Impending Stock Market Turmoil.

JPMorgan strategist Marko Kolanovic warns that the current risk-on mood fueling the equities rally is likely to falter due to headwinds from bank turbulence, an oil shock, and slowing growth, which could send stocks back towards their 2022 lows. Kolanovic characterizes the present market backdrop as "the calm before the storm," and expects a reversal in risk sentiment over the coming months. The inflows into stocks over the past few weeks "make little sense" and were largely driven by systemic investors, a short squeeze, and a decline in the Cboe Volatility Index (VIX).