JPMorgan's market guru says shutdowns are working, virus may peak soon and stocks to rebound 40%

Pedestrians pass in front of a JPMorgan Chase & Co. bank branch in New York.
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The social distancing measures in place around the country are already showing signs of success by one measure, according to a top JPMorgan strategist, and that could lead to the U.S. economy and stock market bouncing back faster than many expect.

The economy could restart in a "number of weeks" and the S&P 500 could be back to record levels by early next year if this early indicator is right, JPMorgan's Marko Kolanovic said in a note to clients. 

Kolanovic is global head of quantitative and derivatives strategy and has a wide following on Wall Street for his calls.