The S&P 500 faces a near-term selloff and likely won't rally until the Fed starts cutting rates, JPMorgan's top strategist says

• The S&P 500 faces pain ahead and likely won't rally until the Fed starts cutting rates, according to JPMorgan's top strategist. 
• "We really think the Fed will need to cut the rates for the market to rally on a sustainable basis," Marko Kolanovic said. 
• The benchmark index notched its worst day so far this year on Tuesday as investors worry the Fed will keep rates high.

The S&P 500 faces a near-term selloff and likely won't rally until the Federal Reserve starts cutting interest rates, according to JPMorgan's top strategist. 

Marko Kolanovic said Tuesday he expects US stocks to fall another 5%, while the more volatile tech shares could drop up to 10%, in a CNBC interview.