{"id":1697531,"date":"2022-10-17T06:01:01","date_gmt":"2022-10-17T10:01:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1697531"},"modified":"2022-10-17T06:05:57","modified_gmt":"2022-10-17T10:05:57","slug":"jamie-dimon-sees-easy-20-percent-drop-in-stocks-but-warns-it-could-be-worse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jamie-dimon-sees-easy-20-percent-drop-in-stocks-but-warns-it-could-be-worse\/","title":{"rendered":"Jamie Dimon Sees &#8220;Easy 20 Percent&#8221; Drop in Stocks but Warns It Could Be Worse"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjamie-dimon-sees-easy-20-percent-drop-in-stocks-but-warns-it-could-be-worse%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1697531&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>JPMorgan Chase CEO <a href=\"https:\/\/www.theepochtimes.com\/t-jamie-dimon\">Jamie Dimon<\/a> commented that it was unlikely that the Federal Reserve would be able to slow the economy without causing a \u201ctough\u201d <a href=\"https:\/\/www.theepochtimes.com\/t-recession\">recession<\/a>.<\/p>\n<p>Dimon spoke at a financial industry conference in Washington on Oct. 13 where he made his prediction.<\/p>\n<p>He said that Wall Street could suffer another\u00a0\u201ceasy 20 percent\u201d\u00a0drop, plunging the <a href=\"https:\/\/www.theepochtimes.com\/t-sp-500\">S&#038;P 500<\/a> below 3,000 to a level not seen since the height of the pandemic.<\/p>\n<p>\u201cI don\u2019t know if it could be a soft landing\u2014I don\u2019t think so, but it might,\u201d regarding a market plunge, believing that there\u00a0would be a mild or a severe recession.<\/p>\n<p>\u201cIn a tough recession, you could expect the market to go down another 20 percent to 30 percent,\u201d which is 10 percent higher than the number he first floated four days ago.<\/p>\n<p>A decline of that magnitude could push the S&#038;P 500 to 2,871, shaving $6 trillion off its current market value of $30 trillion, according to Bloomberg.<\/p>\n<p>The S&#038;P 500 has already fallen 25 percent from its Jan. 3 peak.<\/p>\n<p>Dimon\u2019s prediction would push it about 40 percent below its peak, well beyond the average drawdown for bear markets.<\/p>\n<p>The S&#038;P 500 lost 57 percent of its value, after peaking in October 2007 and only hit rock bottom in March 2009 in the wake of the Great Recession.<\/p>\n<p> Top Five Companies <\/p>\n<p>The top five companies on the index Apple, Microsoft, Alphabet, Amazon.com, and Tesla, account for 21 percent of the index, said Bloomberg.<\/p>\n<p>Any big declines from those big Tech stocks could quickly push the markets lower,\u00a0creating risk for equity investors.<\/p>\n<p>Amazon has since lost more than 30 percent of its value since the beginning of the year.<\/p>\n<p>Tesla, Microsoft, and Alphabet have all lost at least a third of their value.<\/p>\n<p>Even Apple, which normally delivers stable earnings, tumbled 21 percent.<\/p>\n<p> <a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/10\/04\/NYSE-traders-1200x800.jpg\"><\/a> Traders work on the floor at the New York Stock Exchange in New York on Oct. 4, 2022. (Seth Wenig\/AP Photo) Prediction Sparked Selloff <\/p>\n<p>His <a href=\"https:\/\/www.cnbc.com\/2022\/10\/10\/jpmorgan-jamie-dimon-warns-us-likely-to-tip-into-recession-soon.html\">earlier comments on Oct. 10 to CNBC<\/a>, predicting a worldwide recession in \u201c6 to 9\u201d months due to factors such as rising interest rates, continuing <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a>, and the Ukraine crisis, sparked a selloff on Wall Street this week, which sent the markets down.<\/p>\n<p>\u201cThese are very, very serious things which I think are likely to push the U.S. and the world\u2014I mean, Europe is already in recession\u2014and they\u2019re likely to put the U.S. in some kind of recession six to nine months from now,\u201d Dimon said.<\/p>\n<p>Dimon criticized the Federal Reserve in the interview, saying it \u201cwaited too long and did too little\u201d in hiking interest rates in hopes of taming runaway levels of inflation not seen in four decades.<\/p>\n<p>Meanwhile, he said that he still maintains \u201ctotal faith and trust\u201d in Fed Chairman Jerome Powell and explained why the central bank cannot cool the economy without bringing on a real recession.<\/p>\n<p>He also explained that economic stagflation is a far worse alternative than most of the other potential outcomes and supports<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase CEO Jamie Dimon commented that it was unlikely that the Federal Reserve would be able to slow the economy without causing a \u201ctough\u201d recession. Dimon spoke at a financial industry conference in Washington on Oct. 13 where he made his prediction. He said that Wall Street could suffer another\u00a0\u201ceasy 20 percent\u201d\u00a0drop, plunging the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1697533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1697531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1697531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1697531"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1697531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1697533"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1697531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1697531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1697531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}