Here is the English translation of the text, with the specified terms retained as is: The US stock market experienced a significant sell-off this week, with related tech stocks falling to new lows in two years, and market risk-averse sentiment also gradually heating up. Many investors are concerned that a series of fiscal and trade policies implemented by US President Donald Trump will have a huge impact on the global economy. JPMorgan global strategy analyst David Lebovitz has also raised the probability of a US economic recession from 15% to 20%. Although market risk premiums have risen, Lebovitz remains optimistic about the current situation, believing that the economic fundamentals are still stable, and while this downward trend may continue, he is still bullish.

Suggest buying tech and financial stocks when S&P 500 falls below 5,500 points

According to Bloomberg, although market volatility has intensified, Lebovitz believes that the current decline mainly affects high-valuation and speculative assets, and the overall credit market has not yet shown signs of collapse, and economic data still supports economic expansion. He suggests that if the S&P 500 index falls below 5,500 points, it may be worth considering buying US tech stocks and financial stocks at low prices, as these industries still have an optimistic long-term outlook. According to JPMorgan's forecast, the S&P 500 index is expected to reach 6,400 points by the end of this year, which is still 14% higher than the current level.

Economic data remains resilient, with a stable labor market and corporate earnings

Lebovitz further stated that although market sentiment is gloomy, the US economic data has not deteriorated. For example, the February employment report was stable, and corporate Q4 2023 earnings performed well. He believes the economy is still in a "stable operation" state and has not shown a "cliff-like decline". However, market uncertainty about the Trump administration's trade and immigration policies has continued to heighten investors' risk-averse sentiment, further exacerbating market volatility.

Tech stocks plummet, US bond yields decline, and Bitcoin falls below $80,000

The US stock market had a poor start this week, with the Nasdaq index posting its biggest single-day drop of 4% in 2022 on Monday (3/11), and the S&P 500 index also plummeting 2.7%. US bond yields have declined, Bitcoin has fallen below $80,000, and about 10 institutional players have delayed issuing corporate bonds due to market weakness. The market's uncertainty has caused Wall Street to start rethinking its investment strategies. At the beginning of this year, the market generally expected that the Trump administration's tax cuts and deregulation policies would be positive for the stock market, but now, with the increasing uncertainty about trade and immigration policies, the investment sentiment has become more cautious.

JPMorgan suggests diversifying investments and shifting to high-yield bonds and overseas markets

Faced with market uncertainty, Lebovitz said he has already started adjusting asset allocation, recommending that investors moderately reduce their equity positions and shift to high-yield bonds. In addition, JPMorgan has also expanded its investment scope to markets such as China and Japan, and ended its underweight position in the European market. However, there are still many bullish views in the market. For example, UBS Global Wealth Management has previously stated that although UBS has increased its hedging operations, it has not sold stocks and remains optimistic about the growth potential of the AI and technology industries.

Although the market is volatile in the short term, the US economy is unlikely to experience a cliff-like decline

Despite market volatility, JPMorgan still believes that the US economy will not experience a cliff-like decline. Lebovitz emphasized: "We do see a slowdown in economic growth, but there are no signs of collapse at the moment."

In summary, investors should pay attention to whether the S&P 500 index falls below 5,500 points, and seize the opportunity to enter the market during the market downturn. JPMorgan Chase recommends focusing on U.S. technology and financial stocks, while moderately diversifying investments into overseas markets to reduce market risk and seize potential rebound opportunities.

(CPI leads the market to rise, TRON 83K, ETH still declines)