With tariff news rattling financial marekts and raising concerns among investors about the outlook for the US economy, JPMorgan strategists have warned of the risk of falling short of their early-year gains forecast for US stocks. JPMorgan maintained its forecast for the S & P 500's year-end target of 6,500, but warned of "significant standard error". The target leaves the S & P 500 with about 13 per cent of its year-end upside from Thursday's close of 5,738.52. "It is likely that the S & P 500 will not reach this level until 2026," the team led by Dubravko Lakos-Bujas said in a note to clients on Thursday. The team pointed out that the economic data is volatile, indicating to some extent that economic growth is slowing while inflation remains stubborn. It is expected that the short-term volatility range of the S & P 500 index will be between 5,200 and 6,000 points, and the trend of individual stocks may be highly differentiated.