(Bloomberg) -- The upcoming inflation data will have a stronger-than-usual impact on the US stock market which is already on the verge of correcting, according to JPMorgan Chase & Co. and Goldman Sachs Group Inc.

The scenarios laid out by both banks show the likely drop for stocks is larger than the potential gains. The S&P 500 is predicted to fall as much as 3% if inflation comes in hot versus a 2.5% gain if it’s cooler-than-expected.

Even if month-over-month core inflation comes in at the expected 0.3%, the index could swing 1%. This illustrates the current volatile backdrop in markets amid concerns about the US economy as a result of Donald Trump’s policies on tariffs and government jobs.

“For this print, we see the risk/reward for equities skewed to the downside,” JPMorgan’s market intelligence team led by Andrew Tyler wrote in a note. A miss would raise concerns over the Federal Reserve’s ability to help if growth continues to slow, they said.

After the S&P 500 Index declined more than 10% from an intraday high in February, the debate about a potential bottom has started and a cool inflation print could certainly spark some relief. “We maintain the view of fading any such rally,” Tyler said.

The narrative for stocks has rapidly shifted. What began as a mild decline in the most expensive technology stocks has quickly morphed into a flight from all of last year’s winning bets as investors worry Trump’s trade war will stall the US economy.

“The CPI is likely to play a backseat to the broader worries about US growth,” Goldman Sachs’ senior market advisor Dominic Wilson wrote in a separate note. The “main game” is going to be figuring out whether stocks have fully priced in the increased risks to the US economy, he added.