JPMorgan sees the US facing a 'stagflationary episode.' Investors should monitor these 5 headwinds.

A person works on the floor at the New York Stock Exchange in New York, Monday, March 31, 2025.

Seth Wenig/AP

• JPMorgan warns S&P 500 gains could slow due to US-China trade tensions and stagflation.
• Slow growth and rising inflation could set the backdrop for a stagflationary episode.
• JPMorgan flagged five headwinds for investors to monitor in the market.

May was a strong month for the market, with the S&P 500 marking its best monthly performance since November 2023...