JPMorgan warns that a renewed US-Iran conflict after the midterm elections could trigger an equity selloff and another oil price spike. However, strategist Mislav Matejka expects any escalation to be short-lived, creating another buying opportunity. The bank remains bullish on banks, industrials, commodities, and semiconductors, while viewing gold's recent pullback as an opportunity to add exposure. JPMorgan expects the S&P 500 to reach new highs by year-end, supported by earnings growth and stabilizing technology stocks.