J.P. Morgan Asset Management – Risks & disclosures Cover page U.S. 2Q 2025 As of March 31, 2025
Guide to the Markets
Easily illustrate key investing topics during client conversations.
Create custom presentations Listen to audio commentary for each slide Read Dr. David Kelly's speaker notes Global Market Insights Strategy team Page reference
S&P 500 index at inflection points
S&P 500 valuation measures
P/E ratios and equity returns
Sources of earnings growth and profit margins
Earnings, buybacks and dividends by sector
Policy implications for earnings
Value vs. Growth: Valuations, earnings and performance
S&P 500: Index concentration and valuations
Magnificent 7 performance and earnings dynamics
Small caps, mid-caps and large caps
Returns and valuations by style
Returns and valuations by sector
Annual returns and intra-year declines
Economic growth and the composition of GDP
Components of GDP growth
Consumer finances
Consumer confidence and the stock market
Tech-driven capital spending
Productivity growth
Federal finances
Unemployment and wages
Labor demand
Labor supply
Inflation components
Oil markets
Electricity generation and consumption
Dollar drivers
Tariffs on U.S. imports
Survey data
The Fed and interest rates
The Federal Reserve balance sheet
Interest rates and inflation
Fixed income market dynamics
Yield curve
Credit market dynamics
Fixed income yields
Global fixed income
Municipal finance
Bloomberg U.S. Agg. annual returns and intra-year declines
Fixed income yields and forward returns
Global equity markets
Global equity performance drivers
International equity valuations vs. U.S.
Global equity earnings and valuations
Top performing global companies
International themes
Global economic activity momentum
Trade policy risks
Global technology supply chains
Correlations and volatility
Alternatives: Correlations, returns and yields
Sources of global infrastructure returns
Real estate correlation to equities
U.S. public vs. private equity
Alternatives and manager selection
Asset class returns
Valuations monitor
Single-stock volatility and equity market returns
Investing at all-time highs
Diversification during growth and inflation shocks
60/40 returns and stock-bond correlation
Time, diversification and the volatility of returns
60/40 portfolio drift
Manager dispersion
Consumer confidence by political affiliation
J.P. Morgan Asset Management – Index definitions J.P. Morgan Asset Management – Definitions J.P. Morgan Asset Management – Risks & disclosures Cover page U.S. 2Q 2025 As of March 31, 2025
Guide to the Markets
Easily illustrate key investing topics during client conversations.
Create custom presentations Listen to audio commentary for each slide Read Dr. David Kelly's speaker notes Global Market Insights Strategy team Page reference
S&P 500 index at inflection points
S&P 500 valuation measures
P/E ratios and equity returns
Sources of earnings growth and profit margins
Earnings, buybacks and dividends by sector
Policy implications for earnings
Value vs. Growth: Valuations, earnings and performance
S&P 500: Index concentration and valuations
Magnificent 7 performance and earnings dynamics
Small caps, mid-caps and large caps
Returns and valuations by style
Returns and valuations by sector
Annual returns and intra-year declines
Economic growth and the composition of GDP
Components of GDP growth
Consumer finances
Consumer confidence and the stock market
Tech-driven capital spending
Productivity growth
Federal finances
Unemployment and wages
Labor demand
Labor supply
Inflation components
Oil markets
Electricity generation and consumption
Dollar drivers
Tariffs on U.S. imports
Survey data
The Fed and interest rates
The Federal Reserve balance sheet
Interest rates and inflation
Fixed income market dynamics
Yield curve
Credit market dynamics
Fixed income yields
Global fixed income
Municipal finance
Bloomberg U.S. Agg. annual returns and intra-year declines
Fixed income yields and forward returns
Global equity markets
Global equity performance drivers
International equity valuations vs. U.S.
Global equity earnings and valuations
Top performing global companies
International themes
Global economic activity momentum
Trade policy risks
Global technology supply chains
Correlations and volatility
Alternatives: Correlations, returns and yields
Sources of global infrastructure returns
Real estate correlation to equities
U.S. public vs. private equity
Alternatives and manager selection
Asset class returns
Valuations monitor
Single-stock volatility and equity market returns
Investing at all-time highs
Diversification during growth and inflation shocks
60/40 returns and stock-bond correlation
Time, diversification and the volatility of returns
60/40 portfolio drift
Manager dispersion
Consumer confidence by political affiliation
J.P. Morgan Asset Management – Index definitions J.P. Morgan Asset Management – Definitions J.P. Morgan Asset Management – Risks & disclosures 
