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State of the Union: How are things progressing?Video

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Description: Can Big Tech continue to climb despite already hitting all-time highs? With strong earnings growth and innovation, we think so.

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Length (seconds): 117

Transcript: <h2>Side note:</h2> <p>Background music plays.</p> <h2>On screen:</h2> <p>This video opens on a woman in a dark shirt wearing two thin necklaces. She speaks from an office with plants and natural wood accents.</p> <h2>Side note:</h2> <p>A bold disclaimer appears in a text box:</p> <h2>On screen:</h2> <p><strong>INVESTMENT AND INSURANCE PRODUCTS:</strong></p> <ul> <li><strong>NOT A DEPOSIT</strong></li> <li><strong>NOT FDIC INSURED</strong></li> <li><strong>NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</strong></li> <li><strong>NO BANK GUARANTEE</strong></li> <li><strong>MAY LOSE VALUE</strong></li> </ul> <h2>Sarah Stillpass:</h2> <p>Here are your Top Market Takeaways.</p> <h2>On screen:</h2> <p>A circle with a title expands:</p> <h2>On screen:</h2> <p>Top <strong>MARKET TAKEAWAYS</strong></p> <h2>On screen:</h2> <p>Text appears over the speaker:</p> <h2>On screen:</h2> <p><strong>SARAH STILLPASS</strong></p> <p>Senior Global Investment Strategist</p> <p>J.P. Morgan Wealth Management</p> <p>March 8th, 2024</p> <h2>Sarah Stillpass:</h2> <p>With markets at all-time highs and a second straight quarter of profit growth from the S&amp;P 500, investors may be wondering where markets could go from here. So, let's get into it.</p> <h2>On screen:</h2> <p>Text appears over gray: What is going on with the recent rally?</p> <h2>Sarah Stillpass:</h2> <p>Various markets around the world have made new all-time highs. While big-tech has been the star of the show thus far in the U.S., other areas of the market stand to play catch-up. This is thanks in part to a handful of tailwinds, including earnings growth and innovation. This may increase the potential for a broadening rally.</p> <h2>On screen:</h2> <p>Text appears over gray: Is it just big tech driving markets higher?</p> <h2>Sarah Stillpass:</h2> <p>Consider that last year, the Magnificent 7 alone contributed 60% to the S&amp;P 500's 26% total returns, while the remaining 493 companies in the index accounted for just 40%. So far this year, that's flipped, with those remaining companies now driving almost 60% of the S&amp;P 500's total return.</p> <h2>On screen:</h2> <p>A bar graph appears, titled: 'Catching up? While tech leads, other areas have lagged.' A subheading reads: 'Price return since the start of 2023, % .' The vertical axis ranges from negative 10% to positive 70%, and the horizontal axis ranges from January 2023 to beyond January 2024, in two month increments. Different colored fluctuating graph lines represent four different areas: orange for Technology, dark blue for Large Cap, light blue for Mid Cap, and brown for Small Cap.</p> <p>The chart shows that Technology starts at 0% in January 2023, rises to about 10% in March '23, rises to about 20% in May '23, fluctuates between 35% and 45% from July'23 through September '23, drops to about 30% in November '23, rises to about 50% in January 2024 and continues rising to about 60% by March '24.</p> <p>Large Cap starts at 0% in January 2023, rises to about 5% in March '23, rises to just below 10% in May '23, fluctuates between 15% and 20% from July'23 through September '23, drops to about 8% in November '23, rises to about 20% in January 2024 and continues rising to about 30% by March '24.</p> <p>Mid Cap starts at 0% in January 2023, rises to about 10% in March '23, drops swiftly back down to about 0% in May '23, fluctuates between 5% and 10% from July '23 through September '23, drops to about negative 3% in November '23, rises to about 10% in January 2024 and continues rising to about 15% by March '24.</p> <p>Small Cap starts at 0% in January 2023, rises to about 8% in March '23, drops swiftly down to about negative 2% in May '23, fluctuates between 5% and 10% from July '23 through September '23, drops to about negative 5% in November '23, rises to about 10% in January 2024 and continues rising to about 15% by March '24.</p> <h2>Side note:</h2> <p>Small print text reads:</p> <h2>On screen:</h2> <p>Source: Bloomberg Finance L.P. Data as of February 23, 2024. Note: Technology is represented by the Nasdaq 100 Index, large cap by S&amp;P 500 Index, mid cap by S&amp;P Midcap 400 Index, small cap by Russell 2000 Index.</p> <h2>Side note:</h2> <p>In bold font:</p> <h2>On screen:</h2> <p><strong>Past performance is not indicative of future results.</strong></p> <h2>Side note:</h2> <p>In regular font:</p> <h2>On screen:</h2> <p>It is not possible to invest directly in an index.</p> <h2>Sarah Stillpass:</h2> <p>In all, we think big tech can continue to climb while other areas of the market can also join in.</p> <h2>On screen:</h2> <p>Text appears over gray: Where could the rally broaden from here?</p> <h2>Sarah Stillpass:</h2> <p>Outside of large caps, small- and mid-cap companies could also be poised for growth. The Russell 2000, which represents small-cap companies, is now almost 15% off its last high. Furthermore, across markets, themes such as healthcare innovation and ongoing consumer resilience may support recovery in some areas going forward.</p> <h2>On screen:</h2> <p>Text inside a box reads, Market themes supporting recovery:</p> <ul> <li><strong>Healthcare innovation</strong></li> <li><strong>Ongoing consumer resilience</strong></li> </ul> <p>Text appears over gray: Is it too late to get in on the rally?</p> <h2>Sarah Stillpass:</h2> <p>Today's highs may leave some investors questioning if it's too late to get invested. But we think opportunity still exists. Remember, getting invested at all-time highs has historically not made a meaningful difference in long-term gains. In other words, we don't think you have &quot;missed it.&quot; Instead, history tells us that it's about time spent in the market rather than timing it.</p> <h2>On screen:</h2> <p>A bulleted list appears below a title with a magnifying glass:</p> <h2>On screen:</h2> <p><strong>KEY TAKEAWAYS</strong></p> <ul> <li>Thanks to strong earnings growth and potential for innovation, we think big tech can continue to climb</li> <li>We do not think investors have &quot;missed it&quot; despite markets hitting all-time highs</li> <li>Remember, history tells us that it is about time spent in the market rather than timing it</li> </ul> <h2>Sarah Stillpass:</h2> <p>To learn more, please visit chase.com/theknow.</p> <h2>On Screen:</h2> <p>J.P.Morgan Wealth Management logo.</p> <h2>Side note:</h2> <p>Legal disclosures.</p> <h2>On screen:</h2> <p>All market and economic data are sourced from Bloomberg Finance L.P. and FactSet unless otherwise stated.</p> <p>The &quot;Magnificent 7&quot; refers to Meta, Microsoft, Apple, Amazon, Nvidia, Tesla, and Google. 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.</p> <p>The views, opinions, estimates and strategies expressed herein constitutes the speaker's judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions --including 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 any investment or financial service, product or strategy prior to making an investment decision. For additional guidance on how this information should be applied to your situation, you should consult your advisor.</p> <h2>Side note:</h2> <p>A disclosure in bold reads:</p> <h2>On screen:</h2> <p><strong>Investing in securities involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. Outlooks and past performance is not a guarantee of future results.</strong></p> <h2>Side note:</h2> <p>Another disclosure in bold reads:</p> <h2>On screen:</h2> <p><strong>Asset allocation/diversification does not guarantee a profit or protect against loss.</strong></p> <h2>Side note:</h2> <p>The final disclosure in regular font reads:</p> <h2>On screen:</h2> <p>J.P. Morgan Wealth Management is a business of JPMorgan Chase &amp; Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan.</p> <p>Copyright {{copyrightCurrentYear}} JPMorgan Chase &amp; Co.</p>

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