Some of the big risks for the market in 2026, according to JPMorgan

Without a doubt, 2025 has been a strong year for stocks. The outlook for 2026 is much murkier, however, according to JPMorgan. The S & P 500 is up 14% year to date and hit an all-time high late last month, fueled by excitement surrounding artificial intelligence stocks. To be sure, the market hit some turbulence in recent weeks, with investors questioning the multiples they're paying for some AI names. That pressure might only increase next year. Joyce Chang, JPMorgan's head of research, highlighted several risks Wall Street faces heading into the new year, following a macroeconomic conference JPMorgan held in New York last week. "Investors remain constructive on the outlook for the U.S. economy and markets, and see higher capex, AI validation and deregulation as tailwinds that should supp