JPMorgan's Kolanovic Forecasts 20% S&P 500 Drop and Recession Due to High Rates

Marko Kolanovic expects a 20% plunge in the S&P 500 due to high interest rates. He recommends cash as protection.

Kolanovic believes a recession is hard to avoid with current high interest rates.

The "Magnificent Seven" stocks like Apple and Amazon are vulnerable to steep losses, per Kolanovic.

Kolanovic sees signs of stress in consumers from rising delinquencies in credit cards and auto loans.

Kolanovic started 2022 with a year-end S&P 500 target of 4,200. The index closed at 3,839.50.