In this episode, John Schlegel, head of Global Positioning Intelligence at J.P. Morgan, sits down with Andrew Tyler, head of the Global Market Intelligence team, to discuss the current state of the U.S. equity markets amid recent fluctuations. They examine the underlying factors contributing to the recent drawdown, including macroeconomic data, trade policy uncertainties and valuation concerns. The conversation also explores potential sector opportunities, the impact of international equities and the role of seasonality in market movements. This episode was recorded on March 3, 2025. The views expressed in this podcast may not necessarily reflect the views of J.P. Morgan Chase & Co and its affiliates (together “J.P. Morgan”), they are not the product of J.P. Morgan’s Research Department and do not constitute a recommendation, advice, or an offer or a solicitation to buy or sell any security or financial instrument. This podcast is intended for institutional and professional investors only and is not intended for retail investor use, it is provided for information purposes only. Referenced products and services in this podcast may not be suitable for you and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. For additional disclaimers and regulatory disclosures, please visit: www.jpmorgan.com/disclosures/salesandtradingdisclaimer. For the avoidance of doubt, opinions expressed by any external speakers are the personal views of those speakers and do not represent the views of J.P. Morgan. © 2025 JPMorgan Chase & Company. All rights reserved.

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