JPMorgan Strategists Cut S&P 500 Target on Iran War Uncertainty

Strategists led by Fabio Bassi slashed their year-end estimate to 7,200 points from 7,500, citing a supply shock stemming from the interruption of oil flows through the Strait of Hormuz that threatens to crimp corporate profits and economic growth. “Geopolitical concerns and higher energy prices for longer will drag global growth lower and inflation higher,” Bassi wrote in a note to clients published on Friday.