PANews reported on March 9th that JPMorgan Chase's trading department stated that a war with Iran could trigger a drop of up to 10% in the S&P 500 from its highs, a scenario that US stock traders are not yet prepared for. Andrew Tyler, JPMorgan's global head of market intelligence, said on Monday that he has turned "tactically bearish" on US stocks due to the lack of signs of de-escalation in the Middle East conflict and oil prices breaking through $100 per barrel. A pullback would mean the S&P 500 would fall 10% from its highs to approximately 6270 points, about 7% lower than Friday's closing level. Tyler stated that investors' current positioning is not prepared for a decline, with "current positioning generally neutral and lacking extreme risk-averse operations." Energy stocks were net sold off last week as traders "expected a de-escalation." However, oil prices jumped above $100 per barrel after several Gulf states cut production, raising concerns about long-term supply shocks and stagflation risks. Tyler believes these risks may quickly subside if the conflict does not continue. “This tactical assessment will end once a clear path to de-escalation emerges, as the underlying macroeconomic fundamentals still support risk assets.”