By Jasmine Li

Stock-market volatility will likely persist for longer, said Dubravko Lakos, head of global markets strategy at JPMorgan Chase. "Do we have to hit lower lows? Not necessarily, but I think a lot of that depends on how the trade negotiations continue," Lakos said on CNBC Tuesday.

The bank slashed its year-end S&P 500 target to 5200 from 6500 last week, assuming the reciprocal tariffs stay in place, Lakos said. (The index was recently trading near 5413)

"I will say that time is of essence," Lakos said. "And the more time that passes and that we sort of stay in this uncertain environment, there's a sentiment shock that could potentially magnify and start to spill over into our data."

Forecasting in this environment is challenging, Lakos said, but there could still be opportunities for investors. "I do think this is an environment where you do think about doing some bottom-fishing, but not in value," he said. "In good quality businesses."

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April 15, 2025 13:05 ET (17:05 GMT)

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