The 2023 stock market rally is over as the Fed isn't easing anytime soon and a hard landing of the economy is inevitable, JPMorgan's chief stock strategist says

• The rally in the S&P 500 is capped through the rest of the year, JPMorgan's Dubravko Lakos said.
• That's because there are a litany of negative factors heading into 2024 that will weigh on equities.
• The strength of the US economy has only postponed a coming recession, not averted one, he added.

The rally is stocks is done for the year, as there's a huge cocktail of factors that will weigh on the market through the end of 2023, according to JPMorgan's chief global stock strategist Dubravko Lakos.

While many on Wall Street are still predicting new highs to come for the S&P 500 this year, even as the market struggles in August, any further upside is likely capped by a host of factors, Lakos said.