Guide to the Markets

J.P. Morgan Asset Management

Research

71 Pages

J.P. Morgan Asset Management provides a visual tour of macro, market, and asset class trends across the United States to support portfolio conversations with clients. Content spans equity valuations, economic growth, inflation, labor markets, policy, and cross asset return expectations, highlighting both opportunities and risks rather than specific product calls.

Date published: January 2026, using data as of 31 December 2025

Source: Bloomberg, Standard & Poor’s, J.P. Morgan Asset Management. As of 12/31/2025.
Source: Bloomberg, FactSet, J.P. Morgan Asset Management. As of 12/31/2025.

Key Takeaways

Equity valuations and breadth: United States equities trade above historical valuation averages with heavy index concentration, so investors may need to think carefully about sources of return and risk.
Macro and policy backdrop: Growth appears moderate, inflation has eased from prior peaks, and labor conditions are normalizing, while interest rate and dollar moves remain key inputs for asset allocation.
Cross asset positioning: Slides compare sectors, styles, market caps, and fixed income and alternative assets, emphasizing diversification and the importance of balancing income, growth, and volatility.
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