The stock market has been flipped upside down

• The stock market has been flipped upside down in 2023 as investors taunt the Federal Reserve.
• JPMorgan's Marko Kolanovic highlighted that even as monetary policy gets tighter, investors are still chasing the most speculative stocks.
• "There is an old adage 'don't fight the Fed,' but this behavior is not just fighting but also taunting the Fed," Kolanovic said.

The stock market has been completely flipped upside down so far in 2023 as risky assets that struggled last year stage a big comeback, even in the face of continued rate hikes from the Federal Reserve.