Weekly Recap: Employment & Market Overview Jan 15 th 2025

    Weekly Recap: Employment & Market Overview Jan 15 th 2025

    F5 months ago 250

    AIAI Summary

    toggle
    Bulleted
    toggle
    Text

    Key Insights

    Not FDIC Insured | No Bank Guarantee | May Lose Value
Market Insights
U.S. | January 13, 2025
Weekly Market Recap
Theweekin review
ï JOLTS job openings rose to 8.1m
ï Nonfarm payrolls rose by 256k, beating expectations of 165k
Theweekahead
ï CPI & PPI
ï Retail sales
Thoughtof theweek
With different data sources telling different stories, last year
was confusing for labor market observers. The closely
watched Jobs report, for example, leverages two surveys:
the establishment survey and the household survey. While
both surveys showed impressive job growth in December
2024, the longer-term trends diverge. Since March 2022, the
U.S. has added 8.2m jobs according to the establishment
survey, but just 3.5m based on the household survey.
Methodology is to blame for this divergence. The establishment survey counts jobs based on business and agency
payrolls, allowing it to capture the impacts of immigration.
That said, statistical techniques used to estimate the impact
of business formations and closures can sway these figures. The household survey, however, weights sample
responses from households using population data from the
Census Bureau. Unfortunately, the Census Bureau has
struggled to accurately capture the surge in immigration,
leading it to understate population growth. Fortunately,
annual benchmark revisions in February should help clear
some confusion. The 2Q24 Quarterly Census of Employment
and Wages, which informs the establishment survey revisions, showed 790k fewer jobs were created in the year
ending March 2024 compared to current figures. Moreover,
Vintage 2024 Census estimates, which will be applied to this
month's household survey data, not only revised net immigration estimates higher by 1.8m for the two-years ending
June 2023, but also showed that net immigration totaled a
higher-than-expected 2.8m for the year ending June 2024.
As immigration’s impacts crystalize, so too should our view
of the labor market. It might look modestly softer, but
investors should remember it still supported solid growth in
2024. This should remain the case in 2025 as solid corporate earnings and steady economic activity allow employers
to add an average of 150k jobs each month. Weekly Data Center
Index Returns (%)
NASDAQ 19162 -2.34 -0.76 -0.76 28.93 31.36
MSCI EM 1057 -1.49 -1.62 -1.62 10.00 -5.95
MSCI EAFE 2245 -0.43 -0.72 -0.72 4.85 7.24
Russell 1000 Value 1117 -1.54 -0.77 -0.77 13.76 16.22
Russell 1000 Growth 2651 -2.20 -0.79 -0.79 31.58 40.66
Russell 2000 5441 -3.49 -1.82 -1.82 12.65 5.35
Dow Jones 30 41938 -1.83 -1.38 -1.38 13.33 23.57
S&P 500 5827 -1.91 -0.89 -0.89 23.51 30.72
Equities Level 1 week QTD YTD 1 year 3-yr. Cum.
High Yield 7.67 -0.28 0.04 0.04 8.74 10.32
Municipals (10yr) 3.62 -0.63 -0.35 -0.35 -0.49 -0.98
U.S. Corporates 5.52 -0.96 -1.10 -1.10 1.99 -5.73
U.S. Aggregate 5.09 -0.87 -1.00 -1.00 1.18 -6.47
Fixed Income Yield 1 week QTD YTD 1 year 3-yr. Cum.
Levels (%)
Prime Rate 7.50 7.50 7.50 7.50 8.50 3.25
30-yr fixed mortgage N/A 7.26 7.28 7.28 7.06 3.49
6-mo. CD rate N/A 2.30 2.29 2.29 2.24 0.14
3-mo. EURIBOR 2.77 2.73 2.71 2.71 3.94 -0.57
SOFR 4.30 4.31 4.49 4.49 5.31 0.05
10-yr German Bund 2.55 2.41 2.35 2.35 2.21 -0.04
30-yr U.S. Treasuries 4.96 4.82 4.78 4.78 4.20 2.11
10-yr U.S. Treasuries 4.77 4.60 4.58 4.58 4.04 1.78
2-yr U.S. Treasuries 4.40 4.28 4.25 4.25 4.37 0.92
Key Rates 1/10/25 1/3/25 12/31/24 12/31/24 1/10/24 1/10/22
Index Characteristics
27.30 6.72 0.64 31189
11.84 1.72 2.30 7535
13.76 1.81 3.06 15987
15.99 2.62 2.05 24298
28.62 12.75 0.53 29124
23.68 1.04 1.29 2604
19.08 5.28 1.67 18410
21.21 4.89 1.23 49343
NTM P/E P/B Div. Yld. Mkt. Cap (bn)
Levels
¥ per $ 157.58 157.16 145.62
$ per £ 1.22 1.25 1.27
$ per € 1.02 1.04 1.10
Currencies 1/10/25 12/31/24 1/10/24
Levels
BBG Idx 247.92 238.62 224.17
Corn 4.65 4.53 4.55
Copper 8996 8706 8285
Silver 30.36 28.91 22.97
Gold 2687 2609 2027
Natural Gas 3.71 3.40 3.25
Gasoline 3.05 3.01 3.07
Oil (WTI) 73.93 72.44 71.57
Commod. 1/10/25 12/31/24 1/10/24
Chart of the Week
Style Returns
S -3.6 -3.5 -3.3
M -2.0 -2.0 -2.2
L -1.5 -1.9 -2.2
V B G
1 Week
S -2.7 -1.8 -1.0
M -1.2 -0.8 0.3
L -0.8 -0.9 -0.8
V B G
YTD
S&P 500 Sector Returns
-6
-3
0
3
6
Comm. Serv.IndustrialsS&P 500ConsumerStaplesUtilitiesConsumerDiscr.FinancialsTechnologyReal Estate
Materials
Health Care
Energy 0.9
0.5
0.1
-0.6
-1.0
-1.9-1.9-1.9
-2.3
-2.6
-3.1
-4.1
-4
-2
0
2
4
UtilitiesIndustrialsMaterialsS&P 500ConsumerDiscr.TechnologyFinancialsConsumerStaplesReal Estate
Comm. Serv.
Health Care
Energy 2.9
1.6
0.9
-0.1
-0.3
-0.9-0.9
-1.2
-1.7
-2.0
-2.2
-3.7
1 Week YTD
Employment growth by survey
Cumulative employment growth since March 2022, thousands, SA
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Mar. '22 Aug. '22 Jan. '23 Jun. '23 Nov. '23 Apr. '24 Sep. '24
Difference in reported employment
 Establishment survey
Household survey
Please see important disclosures on next page.
    1/2
    Not FDIC Insured | No Bank Guarantee | May Lose Value
Market Insights
U.S. | January 13, 2025
Chart of the Week: BLS, FactSet, J.P. Morgan Asset Management.
Thought of the week: BLS, Census Bureau, FactSet, J.P. Morgan Asset
Management.
Abbreviations: Cons. Sent.: University of Michigan Consumer
Sentiment Index; CPI: Consumer Price Index; EIA: Energy Information
Agency; FHFA HPI: - Federal Housing Finance Authority House Price
Index; FOMC: Federal Open Market Committee; GDP: gross domestic
product; HPI: Home Price Index; HMI: Housing Market Index; ISM Mfg.
Index: Institute for Supply Management Manufacturing Index; PCE:
Personal consumption expenditures; Philly Fed Survey: Philadelphia
Fed Business Outlook Survey; PMI: Purchasing Managers'
Manufacturing Index; PPI: Producer Price Index; SAAR: Seasonally
Adjusted Annual Rate
Equity Price Levels and Returns: All returns represent total return for
stated period. Index: S&P 500; provided by: Standard & Poor’s. Index:
Dow Jones Industrial 30 (The Dow Jones is a price-weighted index
composing of 30 widely-traded blue chip stocks.) ; provided by: S&P
Dow Jones Indices LLC. Index: Russell 2000; provided by: Russell
Investments. Index: Russell 1000 Growth; provided by: Russell
Investments. Index: Russell 1000 Value; provided by: Russell
Investments. Index: MSCI – EAFE; provided by: MSCI – gross official
pricing. Index: MSCI – EM; provided by: MSCI – gross official pricing.
Index: Nasdaq Composite; provided by: NASDAQ OMX Group.
MSCI EAFE is a Morgan Stanley Capital International Index that is
designed to measure the performance of the developed stock
markets of Europe, Australasia, and the Far East.
Bond Returns: All returns represent total return. Index: Bloomberg US
Aggregate; provided by: Bloomberg Capital. Index: Bloomberg
Investment Grade Credit; provided by: Bloomberg Capital. Index:
Bloomberg Municipal Bond 10 Yr; provided by: Blomberg Capital.
Index: Bloomberg Capital High Yield Index; provided by: Bloomberg
Capital.
Key Interest Rates: 2 Year Treasury, FactSet; 10 Year Treasury, FactSet;
30 Year Treasury, FactSet; 10 Year German Bund, FactSet. 3 Month
LIBOR, British Bankers’ Association; 3 Month EURIBOR, European
Banking Federation; 6 Month CD, Federal Reserve; 30 Year Mortgage,
Mortgage Bankers Association (MBA); Prime Rate: Federal Reserve.
Commodities: Gold, FactSet; Crude Oil (WTI), FactSet; Gasoline,
FactSet; Natural Gas, FactSet; Silver, FactSet; Copper, FactSet; Corn,
FactSet. Bloomberg Commodity Index (BBG Idx), Bloomberg Finance
L.P.
Currency: Dollar per Pound, FactSet; Dollar per Euro, FactSet; Yen per
Dollar, FactSet.
S&P Index Characteristics: Dividend yield provided by FactSet Pricing
database. Fwd. P/E is a bottom-up weighted harmonic average using
First Call Mean estimates for the "Next 12 Months" (NTM) period.
Market cap is a bottom-up weighted average based on share
information from Compustat and price information from FactSet's
Pricing database as provided by Standard & Poor's.
MSCI Index Characteristics: Dividend yield provided by FactSet
Pricing database. Fwd. P/E is a bottom-up weighted harmonic
average for the "Next 12 Months" (NTM) period. Market cap is a bottomup weighted average based on share information from MSCI and Price
information from FactSet's Pricing database as provided by MSCI.
Russell 1000 Value Index, Russell 1000 Growth Index, and Russell
2000 Index Characteristics: Trailing P/E is provided directly by
Russell. Fwd. P/E is a bottom-up weighted harmonic average using
First Call Mean estimates for the "Next 12 Months" (NTM) period.
Market cap is a bottom-up weighted average based on share
information from Compustat and price information from FactSet's
Pricing database as provided by Russell.
Sector Returns: Sectors are based on the GICS methodology. Return
data are calculated by FactSet using constituents and weights as
provided by Standard & Poor’s. Returns are cumulative total return
for stated period, including reinvestment of dividends.
Style Returns: Style box returns based on Russell Indexes with the
exception of the Large-Cap Blend box, which reflects the S&P 500
Index. All values are cumulative total return for stated period
including the reinvestment of dividends. The Index used from L to R,
top to bottom are: Russell 1000 Value Index (Measures the
performance of those Russell 1000 companies with lower price-tobook ratios and lower forecasted growth values), S&P 500 Index
(Index represents the 500 Large Cap portion of the stock market, and
is comprised of 500 stocks as selected by the S&P Index Committee),
Russell 1000 Growth Index (Measures the performance of those
Russell 1000 companies with higher price-to-book ratios and higher
forecasted growth values), Russell Mid Cap Value Index (Measures
the performance of those Russell Mid Cap companies with lower
price-to-book ratios and lower forecasted growth values), Russell Mid
Cap Index (The Russell Midcap Index includes the smallest 800
securities in the Russell 1000), Russell Mid Cap Growth Index
(Measures the performance of those Russell Mid Cap companies with
higher price-to-book ratios and higher forecasted growth values),
Russell 2000 Value Index (Measures the performance of those
Russell 2000 companies with lower price-to-book ratios and lower
forecasted growth values), Russell 2000 Index (The Russell 2000
includes the smallest 2000 securities in the Russell 3000), Russell
2000 Growth Index (Measures the performance of those Russell
2000 companies with higher price-to-book ratios and higher
forecasted growth values).
Past performance does not guarantee future results.
Diversification does not guarantee investment returns and does not
eliminate the risk of loss.
Opinions and estimates offered constitute our judgment and are
subject to change without notice, as are statements of financial
market trends, which are based on current market conditions. We
believe the information provided here is reliable, but do not warrant
its accuracy or completeness. This material is not intended as an
offer or solicitation for the purchase or sale of any financial
instrument. The views and strategies described may not be
appropriate for all investors.This material has been prepared for
informational purposes only, and is not intended to provide, and
should not be relied on for, accounting, legal or tax advice.
References to future returns are not promises or even estimates of
actual returns a client portfolio may achieve. Any forecasts contained
herein are for illustrative purposes only and are not to be relied upon
as advice or interpreted as a recommendation.
The Market Insights program provides comprehensive data and
commentary on global markets without reference to products.
Designed as a tool to help clients understand the markets and
support investment decision-making, the program explores the
implications of current economic data and changing market
conditions.
The J.P. Morgan Asset Management Market Insights and Portfolio
Insights programs, as non-independent research, have not been
prepared in accordance with legal requirements designed to
promote the independence of investment research, nor are they
subject to any prohibition on dealing ahead of the dissemination of
investment research.
This document is a general communication being provided for
informational purposes only. It is educational in nature and not
designed to be taken as advice or a recommendation for any specific
investment product, strategy, plan feature or other purpose in any
jurisdiction, nor is it a commitment from J.P. Morgan Asset
Management or any of its subsidiaries to participate in any of the
transactions mentioned herein. Any examples used are generic,
hypothetical and for illustration purposes only. This material does not
contain sufficient information to support an investment decision and
it should not be relied upon by you in evaluating the merits of
investing in any securities or products. In addition, users should
make an independent assessment of the legal, regulatory, tax, credit,
and accounting implications and determine, together with their own
financial professional, if any investment mentioned herein is believed
to be appropriate to their personal goals. Investors should ensure
that they obtain all available relevant information before making any
investment. Any forecasts, figures, opinions or investment
techniques and strategies set out are for information purposes only,
based on certain assumptions and current market conditions and
are subject to change without prior notice. All information presented
herein is considered to be accurate at the time of production, but no
warranty of accuracy is given and no liability in respect of any error or
omission is accepted. It should be noted that investment involves
risks, the value of investments and the income from them may
fluctuate in accordance with market conditions and taxation
agreements and investors may not get back the full amount invested.
Both past performance and yields are not reliable indicators of
current and future results.
J.P. Morgan Asset Management is the brand for the asset
management business of JPMorgan Chase & Co. and its affiliates
worldwide.
Telephone calls and electronic communications may be monitored
and/or recorded.
Personal data will be collected, stored and processed by J.P. Morgan
Asset Management in accordance with our privacy policies at
https://www.jpmorgan.com/privacy.
This communication is issued by the following entities:
In the United States, by J.P. Morgan Investment Management Inc. or
J.P. Morgan Alternative Asset Management, Inc., both regulated by
the Securities and Exchange Commission; in Latin America, for
intended recipients’ use only, by local J.P. Morgan entities, as the
case may be.; in Canada, for institutional clients’ use only, by
JPMorgan Asset Management (Canada) Inc., which is a registered
Portfolio Manager and Exempt Market Dealer in all Canadian
provinces and territories except the Yukon and is also registered as
an Investment Fund Manager in British Columbia, Ontario, Quebec
and Newfoundland and Labrador.
If you are a person with a disability and need additional support in
viewing the material, please call us at 1-800-343-1113 for assistance.
Copyright 2025 JPMorgan Chase & Co. All rights reserved.
©JPMorgan Chase & Co., January 2025.
Unless otherwise stated, all data is as of January 13, 2025 or as of
most recently available.
0903c02a81dbac80
    2/2

    Weekly Recap: Employment & Market Overview Jan 15 th 2025

    • 1. Not FDIC Insured | No Bank Guarantee | May Lose Value Market Insights U.S. | January 13, 2025 Weekly Market Recap Theweekin review ï JOLTS job openings rose to 8.1m ï Nonfarm payrolls rose by 256k, beating expectations of 165k Theweekahead ï CPI & PPI ï Retail sales Thoughtof theweek With different data sources telling different stories, last year was confusing for labor market observers. The closely watched Jobs report, for example, leverages two surveys: the establishment survey and the household survey. While both surveys showed impressive job growth in December 2024, the longer-term trends diverge. Since March 2022, the U.S. has added 8.2m jobs according to the establishment survey, but just 3.5m based on the household survey. Methodology is to blame for this divergence. The establishment survey counts jobs based on business and agency payrolls, allowing it to capture the impacts of immigration. That said, statistical techniques used to estimate the impact of business formations and closures can sway these figures. The household survey, however, weights sample responses from households using population data from the Census Bureau. Unfortunately, the Census Bureau has struggled to accurately capture the surge in immigration, leading it to understate population growth. Fortunately, annual benchmark revisions in February should help clear some confusion. The 2Q24 Quarterly Census of Employment and Wages, which informs the establishment survey revisions, showed 790k fewer jobs were created in the year ending March 2024 compared to current figures. Moreover, Vintage 2024 Census estimates, which will be applied to this month's household survey data, not only revised net immigration estimates higher by 1.8m for the two-years ending June 2023, but also showed that net immigration totaled a higher-than-expected 2.8m for the year ending June 2024. As immigration’s impacts crystalize, so too should our view of the labor market. It might look modestly softer, but investors should remember it still supported solid growth in 2024. This should remain the case in 2025 as solid corporate earnings and steady economic activity allow employers to add an average of 150k jobs each month. Weekly Data Center Index Returns (%) NASDAQ 19162 -2.34 -0.76 -0.76 28.93 31.36 MSCI EM 1057 -1.49 -1.62 -1.62 10.00 -5.95 MSCI EAFE 2245 -0.43 -0.72 -0.72 4.85 7.24 Russell 1000 Value 1117 -1.54 -0.77 -0.77 13.76 16.22 Russell 1000 Growth 2651 -2.20 -0.79 -0.79 31.58 40.66 Russell 2000 5441 -3.49 -1.82 -1.82 12.65 5.35 Dow Jones 30 41938 -1.83 -1.38 -1.38 13.33 23.57 S&P 500 5827 -1.91 -0.89 -0.89 23.51 30.72 Equities Level 1 week QTD YTD 1 year 3-yr. Cum. High Yield 7.67 -0.28 0.04 0.04 8.74 10.32 Municipals (10yr) 3.62 -0.63 -0.35 -0.35 -0.49 -0.98 U.S. Corporates 5.52 -0.96 -1.10 -1.10 1.99 -5.73 U.S. Aggregate 5.09 -0.87 -1.00 -1.00 1.18 -6.47 Fixed Income Yield 1 week QTD YTD 1 year 3-yr. Cum. Levels (%) Prime Rate 7.50 7.50 7.50 7.50 8.50 3.25 30-yr fixed mortgage N/A 7.26 7.28 7.28 7.06 3.49 6-mo. CD rate N/A 2.30 2.29 2.29 2.24 0.14 3-mo. EURIBOR 2.77 2.73 2.71 2.71 3.94 -0.57 SOFR 4.30 4.31 4.49 4.49 5.31 0.05 10-yr German Bund 2.55 2.41 2.35 2.35 2.21 -0.04 30-yr U.S. Treasuries 4.96 4.82 4.78 4.78 4.20 2.11 10-yr U.S. Treasuries 4.77 4.60 4.58 4.58 4.04 1.78 2-yr U.S. Treasuries 4.40 4.28 4.25 4.25 4.37 0.92 Key Rates 1/10/25 1/3/25 12/31/24 12/31/24 1/10/24 1/10/22 Index Characteristics 27.30 6.72 0.64 31189 11.84 1.72 2.30 7535 13.76 1.81 3.06 15987 15.99 2.62 2.05 24298 28.62 12.75 0.53 29124 23.68 1.04 1.29 2604 19.08 5.28 1.67 18410 21.21 4.89 1.23 49343 NTM P/E P/B Div. Yld. Mkt. Cap (bn) Levels ¥ per $ 157.58 157.16 145.62 $ per £ 1.22 1.25 1.27 $ per € 1.02 1.04 1.10 Currencies 1/10/25 12/31/24 1/10/24 Levels BBG Idx 247.92 238.62 224.17 Corn 4.65 4.53 4.55 Copper 8996 8706 8285 Silver 30.36 28.91 22.97 Gold 2687 2609 2027 Natural Gas 3.71 3.40 3.25 Gasoline 3.05 3.01 3.07 Oil (WTI) 73.93 72.44 71.57 Commod. 1/10/25 12/31/24 1/10/24 Chart of the Week Style Returns S -3.6 -3.5 -3.3 M -2.0 -2.0 -2.2 L -1.5 -1.9 -2.2 V B G 1 Week S -2.7 -1.8 -1.0 M -1.2 -0.8 0.3 L -0.8 -0.9 -0.8 V B G YTD S&P 500 Sector Returns -6 -3 0 3 6 Comm. Serv.IndustrialsS&P 500ConsumerStaplesUtilitiesConsumerDiscr.FinancialsTechnologyReal Estate Materials Health Care Energy 0.9 0.5 0.1 -0.6 -1.0 -1.9-1.9-1.9 -2.3 -2.6 -3.1 -4.1 -4 -2 0 2 4 UtilitiesIndustrialsMaterialsS&P 500ConsumerDiscr.TechnologyFinancialsConsumerStaplesReal Estate Comm. Serv. Health Care Energy 2.9 1.6 0.9 -0.1 -0.3 -0.9-0.9 -1.2 -1.7 -2.0 -2.2 -3.7 1 Week YTD Employment growth by survey Cumulative employment growth since March 2022, thousands, SA -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Mar. '22 Aug. '22 Jan. '23 Jun. '23 Nov. '23 Apr. '24 Sep. '24 Difference in reported employment Establishment survey Household survey Please see important disclosures on next page.
    • 2. Not FDIC Insured | No Bank Guarantee | May Lose Value Market Insights U.S. | January 13, 2025 Chart of the Week: BLS, FactSet, J.P. Morgan Asset Management. Thought of the week: BLS, Census Bureau, FactSet, J.P. Morgan Asset Management. Abbreviations: Cons. Sent.: University of Michigan Consumer Sentiment Index; CPI: Consumer Price Index; EIA: Energy Information Agency; FHFA HPI: - Federal Housing Finance Authority House Price Index; FOMC: Federal Open Market Committee; GDP: gross domestic product; HPI: Home Price Index; HMI: Housing Market Index; ISM Mfg. Index: Institute for Supply Management Manufacturing Index; PCE: Personal consumption expenditures; Philly Fed Survey: Philadelphia Fed Business Outlook Survey; PMI: Purchasing Managers' Manufacturing Index; PPI: Producer Price Index; SAAR: Seasonally Adjusted Annual Rate Equity Price Levels and Returns: All returns represent total return for stated period. Index: S&P 500; provided by: Standard & Poor’s. Index: Dow Jones Industrial 30 (The Dow Jones is a price-weighted index composing of 30 widely-traded blue chip stocks.) ; provided by: S&P Dow Jones Indices LLC. Index: Russell 2000; provided by: Russell Investments. Index: Russell 1000 Growth; provided by: Russell Investments. Index: Russell 1000 Value; provided by: Russell Investments. Index: MSCI – EAFE; provided by: MSCI – gross official pricing. Index: MSCI – EM; provided by: MSCI – gross official pricing. Index: Nasdaq Composite; provided by: NASDAQ OMX Group. MSCI EAFE is a Morgan Stanley Capital International Index that is designed to measure the performance of the developed stock markets of Europe, Australasia, and the Far East. Bond Returns: All returns represent total return. Index: Bloomberg US Aggregate; provided by: Bloomberg Capital. Index: Bloomberg Investment Grade Credit; provided by: Bloomberg Capital. Index: Bloomberg Municipal Bond 10 Yr; provided by: Blomberg Capital. Index: Bloomberg Capital High Yield Index; provided by: Bloomberg Capital. Key Interest Rates: 2 Year Treasury, FactSet; 10 Year Treasury, FactSet; 30 Year Treasury, FactSet; 10 Year German Bund, FactSet. 3 Month LIBOR, British Bankers’ Association; 3 Month EURIBOR, European Banking Federation; 6 Month CD, Federal Reserve; 30 Year Mortgage, Mortgage Bankers Association (MBA); Prime Rate: Federal Reserve. Commodities: Gold, FactSet; Crude Oil (WTI), FactSet; Gasoline, FactSet; Natural Gas, FactSet; Silver, FactSet; Copper, FactSet; Corn, FactSet. Bloomberg Commodity Index (BBG Idx), Bloomberg Finance L.P. Currency: Dollar per Pound, FactSet; Dollar per Euro, FactSet; Yen per Dollar, FactSet. S&P Index Characteristics: Dividend yield provided by FactSet Pricing database. Fwd. P/E is a bottom-up weighted harmonic average using First Call Mean estimates for the "Next 12 Months" (NTM) period. Market cap is a bottom-up weighted average based on share information from Compustat and price information from FactSet's Pricing database as provided by Standard & Poor's. MSCI Index Characteristics: Dividend yield provided by FactSet Pricing database. Fwd. P/E is a bottom-up weighted harmonic average for the "Next 12 Months" (NTM) period. Market cap is a bottomup weighted average based on share information from MSCI and Price information from FactSet's Pricing database as provided by MSCI. Russell 1000 Value Index, Russell 1000 Growth Index, and Russell 2000 Index Characteristics: Trailing P/E is provided directly by Russell. Fwd. P/E is a bottom-up weighted harmonic average using First Call Mean estimates for the "Next 12 Months" (NTM) period. Market cap is a bottom-up weighted average based on share information from Compustat and price information from FactSet's Pricing database as provided by Russell. Sector Returns: Sectors are based on the GICS methodology. Return data are calculated by FactSet using constituents and weights as provided by Standard & Poor’s. Returns are cumulative total return for stated period, including reinvestment of dividends. Style Returns: Style box returns based on Russell Indexes with the exception of the Large-Cap Blend box, which reflects the S&P 500 Index. All values are cumulative total return for stated period including the reinvestment of dividends. The Index used from L to R, top to bottom are: Russell 1000 Value Index (Measures the performance of those Russell 1000 companies with lower price-tobook ratios and lower forecasted growth values), S&P 500 Index (Index represents the 500 Large Cap portion of the stock market, and is comprised of 500 stocks as selected by the S&P Index Committee), Russell 1000 Growth Index (Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), Russell Mid Cap Value Index (Measures the performance of those Russell Mid Cap companies with lower price-to-book ratios and lower forecasted growth values), Russell Mid Cap Index (The Russell Midcap Index includes the smallest 800 securities in the Russell 1000), Russell Mid Cap Growth Index (Measures the performance of those Russell Mid Cap companies with higher price-to-book ratios and higher forecasted growth values), Russell 2000 Value Index (Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values), Russell 2000 Index (The Russell 2000 includes the smallest 2000 securities in the Russell 3000), Russell 2000 Growth Index (Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values). Past performance does not guarantee future results. Diversification does not guarantee investment returns and does not eliminate the risk of loss. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors.This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions. The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research. This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results. J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. Telephone calls and electronic communications may be monitored and/or recorded. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https://www.jpmorgan.com/privacy. This communication is issued by the following entities: In the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission; in Latin America, for intended recipients’ use only, by local J.P. Morgan entities, as the case may be.; in Canada, for institutional clients’ use only, by JPMorgan Asset Management (Canada) Inc., which is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia, Ontario, Quebec and Newfoundland and Labrador. If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance. Copyright 2025 JPMorgan Chase & Co. All rights reserved. ©JPMorgan Chase & Co., January 2025. Unless otherwise stated, all data is as of January 13, 2025 or as of most recently available. 0903c02a81dbac80


    • Previous
    • Next
    • f Fullscreen
    • esc Exit Fullscreen