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J.P.Morgan on Thursday cut its 2023 earnings forecast for S&P 500 companies, citing weaker demand and pricing power, margin compression, and limited buy-backs.

JPM strategists now estimate S&P 500 earnings per share for next year to be $205, down 9% from an earlier forecast of $225.

They also flagged that the S&P 500 index could “re-test” this year’s low of 3,491.58 in the first six months of 2023, as the US Federal Reserve’s monetary policy tightening weakens fundamentals.

J.P.Morgan sees global bond yields dipping in 2023

“This sell-off combined with disinflation, rising unemployment, and declining corporate sentiment should be enough for the Fed to start signaling a pivot, subsequently driving an asset recovery,” they said, adding that the index could claw back up to 4,200 by year-end, to reflect a near 3% upside from current levels.

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