As tariff news stirred financial markets and raised concerns among investors about the outlook for the U.S. economy, JPMorgan strategists warned that its forecast for U.S. stock market gains at the beginning of the year are at risk of failing. JPMorgan Chase maintained its forecast for the S&P 500 end-of-year target of 6,500 points, but warned that the forecast had "large standard errors." This target position means that the S&P 500 still has about 13% upside from Thursday's closing level of 5738.52 points. “It is possible that the S&P 500 will not reach this level until 2026,” the team led by Dubravko Lakos-Bujas said in a report to clients on Thursday. The team pointed out that the economic data fluctuates greatly, which to a certain extent indicates that economic growth slows down and inflation is still stubborn. It is expected that the short-term volatility range of the S&P 500 index will be between 5,200-6,000 points, and the trend of individual stocks may be highly differentiated.