Wall Street's biggest bank just made a bullish call on stocks, arguing the recent tech-driven selloff is a buying opportunity rather than a sign of economic trouble — good news for investors, bad news for traders who got too leveraged on the way down.

• JP Morgan says fear is at extreme levels, but the economy itself is strong — growth is running close to 3.4%, and they expect earnings and revenue to keep climbing.
• The damage was concentrated in overleveraged AI and tech momentum trades, not the broader market — if you strip out the most popular leveraged names, the rest of the stock market is sitting near record highs.
• Oil and markets are now hanging on Iran talks — reports from Doha suggest the US has softened its tone in nuclear negotiations, and a deal (or even hope of one) could send stocks higher, while renewed strikes could push oil sharply up.
• One firm warns that if talks collapse and conflict resumes after the midterms, oil could spike well above recent levels in a 1970s-style shock — a risk markets aren't fully pricing in yet.
• Prediction markets are leaning heavily toward a Democratic sweep in the midterms, which may be part of why Republican officials are suddenly pushing harder for a deal with Iran.

Outlook: Expect markets to stay choppy and highly sensitive to Iran headlines, with a real deal seen as the trigger for a bigger rally and renewed conflict as the main downside risk.