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Leading global investment bank JP Morgan has predicted a major US stock market crash. The bank remains cautious on the S&P 500 index noting that a 20% downside could be on the cards. JP Morgan ’s doomsday stock market prediction comes when BRICS is looking to uproot the dollar and damage the US economy. Also Read: Major U.S. Sector To Be Affected If BRICS Ditches the Dollar The US economy will lead to its own undoing with BRICS having little to bring it down, according to JP Morgan . The banking firm noted that the largest 20 US stocks have surged more than 27% in value year-to-date (YTD). The stocks have outperformed the S&P 500 index which surged nearly 16% YTD. The top 20 US stocks also outpaced the Russell 2000 which is up only 1.73% YTD. Also Read: BRICS: India Looks To Reject New Memberships in 2024 BRICS: US Stock Market Could Crash 23%, Warns JP Morgan Source: beincrypto.com JP Morgan has forecasted that a major correction could hit the top 20 US stocks maki...

The S&P 500 index currently stands at 4,567 on Tuesday and remains mostly in the red in December this month. The slump comes after the softening of the U.S. dollar as the Federal Reserve is looking to cool down hiking interest rates. Nasdaq, Dow Jones, and the S&P 500 indexes are now holding on to their resistance level of support. JP Morgan’s top strategist estimates that the S&P 500 index could crash between 23% to 25% in the short term. Also Read: Nigeria Ready To Join BRICS As Argentina Rejects the Alliance Source: Google S&P 500 To Crash 25%: Predicts JP Morgan Financial Strategist Source: electric-vehicles.com Wall Street has experienced a significant departure of bullish sentiments as the bearish claws have taken over the global markets. All economic indicators point towards a downturn forecasting a recession to hit the markets sometime in 2024. Jason Hunter, JP Morgan ’s head of technical strategy explained that S&P 500 is facing a s...