JPMorgan Chase's quantitative strategists have cautioned that despite the stock market's robust rebound, earnings expectations have been trending downwards, indicative of a pervasive sense of market complacency. The team, led by Khuram Chaudhry, observed that the market's recovery from the April lows has surpassed even the post-COVID resurgence, propelling the MSCI Developed Markets Index and various regional benchmarks to all-time highs. However, market consensus data reveals a notable disparity, with global earnings forecasts being revised downward far more frequently than upward. This divergence highlights the potential for the market to experience significant volatility.