It’s not easy to be bullish on stocks these days for a very simple reason: a hawkish Fed.

The U.S. central bank has already announced three 75-basis-point rate hikes in a row. Market participants are expecting another one of the same magnitude at this week’s FOMC meeting.

But according to JPMorgan’s trading desk, there’s one specific scenario that could send stocks soaring.

The bank’s team projects that if the central bank raises interest rates by just 50 basis points and Fed Chair Jerome Powell expresses his willingness to tolerate inflation and tight labor market conditions, the S&P 500 could climb more than 10% in a day.

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“It is difficult to conceive of a scenario where this outcome occurs given inflation levels and a tight labor market,” the team writes. “Should this outcome occur, the immediate reaction could produce a double-digit one-day return for equities.”

Right now, the bank’s economists are still projecting a 75-basis-point increase like other market participants. But that doesn’t mean there’s no opportunity for equity market investors. Here’s a look at three stocks that JPMorgan finds particularly attractive — even in these market conditions.

Apple (AAPL)

No one who spends $1,600 for a fully decked-out iPhone 14 Pro Max would call it a steal. But consumers love splurging on Apple products anyway.

Earlier this year, management revealed that the company’s active installed base of hardware has surpassed 1.8 billion devices.

While competitors offer cheaper devices, millions of users don’t want to live outside of the Apple ecosystem. The ecosystem acts as an economic moat, allowing the company to earn oversized profits.