The stock market will be particularly vulnerable this year due to disinflation and falling yields on U.S. treasuries. These factors signal a slowdown in economic growth and a reduction in corporate profits, warns JPMorgan. The bank's opinion is reported by Business Insider.

Stocks are now overvalued, helped by the rally late last year. The reward for risk will be lower than previously expected, the bank believes - business activity is declining, corporate profits are shrinking, and low bond yields may indicate a slowdown in the U.S. economy.

In January, the market partially reversed downward amid heightened geopolitical tensions, and this factor will continue to push investors away from risk.

In addition, the rate of inflation in the US may start to slow down - supply problems caused by attacks on cargo ships in the Red Sea are pushing commodity prices up. This could lead to inflation remaining at 3%, above the Fed's target.