[JPMorgan Calls to 'Buy the Dip,' Contrarian Bullish on Market and Cherishes the 'Golden Pit'] BlockBeats News, September 14: The three major U.S. stock indices fell simultaneously, with U.S. stocks facing a sell-off on Monday. The Dow Jones, S&P 500, and Nasdaq opened down 0.2%, 0.7%, and 1.2%, respectively, while the Nasdaq 100 Index dropped to a six-week low. The Philadelphia Semiconductor Index plunged as much as 5.9%, with chip stocks like Nvidia, Intel, Micron, SanDisk, and SK Hynix generally falling between 5% and 7%. This sell-off was primarily driven by concerns over slowing AI development, surging oil prices, and heightened expectations of U.S. inflation and interest rate hikes. Anthropic CEO Dario Amodei recently called for slowing the development of cutting-edge AI models, sparking market concerns about tech giants reducing AI capital expenditures. Meanwhile, Brent crude oil rose above $105, and the U.S. core CPI for August increased by 0.3% month-on-month, significantly raising market expectations for a 25-basis-point rate hike by the Federal Reserve this week. However, JPMorgan's Global and European Equity Strategist Mislav Matejka remains bullish. He believes that although rising oil prices may suppress valuations, investors should not blindly turn bearish on U.S. stocks as long as corporate earnings growth in the U.S. does not show significant deterioration. If Middle East tensions ease or Q3 earnings exceed expectations, the current pessimism could instead drive a rapid market rebound. JPMorgan had previously raised its year-end target for the S&P 500 Index from 7,800 points to 8,000 points and projected a 29% year-over-year growth in constituent stocks' earnings per share to $350. Matejka advises investors to view the current market pullback, caused by high oil prices and rate hike fears, as an opportunity to buy the dip and focus on potential catalysts during the October-to-November earnings season. [Original Link]