$SPDR S&P 500 ETF (SPY.US)$$Invesco QQQ Trust (QQQ.US)$ Inve...

$SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ Investors worried about the next pullback for stocks might want to pause and consider this: the decline in equity valuations since the start of the year already has exceeded the average pullback of other recessionary periods since the early 1990s, according to $JPMorgan (JPM.US)$’s equity quant Marko Kolanovic. While more Wall Street analysts have been painting a grim picture of the trajectory of corporate profits this year, Kolanovic, who successfully called the summer stock-market rebound, said investors might be pricing in too dire of an outcome for stocks, even if the American economy falters.