JPMorgan has issued a warning about potential volatility in the stock market due to upcoming Consumer Price Index (CPI) data and Federal Reserve actions. According to JPMorgan traders, the stock market's reaction will vary based on the CPI figures. If the CPI is above 0.4%, the S&P 500 could drop between 1.5% and 2.5%. A CPI of 0.35% to 0.4% might lead to a decline of 1% to 1.25%. If the CPI is between 0.3% and 0.35%, the S&P 500 could range from a 0.75% drop to a 0.75% gain. Finally, a CPI of 0.25% to 0.3% could result in a gain of 0.75% to 1.25%. The market is closely watching these indicators as they could signal broader economic trends, Bloomberg reported.