JPMorgan Strategists Cut S&P 500 Target on Iran War Uncertainty

JPMorgan Chase & Co. strategists cut their price target on the S&P 500 Index, saying the upside potential for risk assets is “more constrained” by a war in the Middle East.

Strategists led by Fabio Bassi slashed their year-end estimate to 7,200 points from 7,500, citing a supply shock stemming from the interruption of oil flows through the Strait of Hormuz that threatens to crimp corporate profits and economic growth.