JPMorgan is sticking to its bearish thesis amid a more optimistic outlook on Wall Street, saying investors are ignoring key market risks. "Markets are priced for perfection as valuations are rich, and extreme crowding in momentum stocks risks a sharp correction in this factor," Marko Kolanovic, chief market strategist at the firm, wrote in a Monday note.
But Kolanovic said he expects the market rally is showing "early signs of exhaustion," meaning the outlook for stocks could be to the downside after its momentum this year. The S & P 500 has repeatedly notched all-time highs on the back of the artificial intelligence trade. The strategist said investors continue to underestimate significant — and growing risks.
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