The US non-farm payroll data will be released tonight, and the US stock market may fluctuate significantly due to its impact

Mockups at JPMorgan's trading desk show that if Thursday's jobs data is similar to the weakness in the earlier ADP report, a sharp sell-off in US stocks is likely. JPMorgan sets the market reaction in different scenarios: new 85,000 - 105,000: the S & P 500 may fall by 0.25% -1.5%; below 85,000: the S & P 500 may plunge by 2% -3%; the report warns: "In the worst case, the market will face the risk of stagflation (weak economic growth accompanied by high inflation), when both fiscal and monetary policy may be helpless." The report specifically states: "As long as the non-farm payroll data is higher than 100,000, the stock market will still be supported." Of course, the employment data has also beaten expectations in the past, and it may happen again. JP Morgan forecast: new 125,000 - 145,000: the S & P 500 index or up 0.75% -1.25%; more than 145,000: the S & P 500 index may expand to 1% -1.5%.