JPMorgan Turns Positive on US Stocks, Sees S&P 500 Advancing in 2025

Alexandra Semenova, Bloomberg NewsBrian Belski, chief investment strategist of BMO Capital Markets, discuss his outlook and targets for the S&P 500 and the TSX in 2025.

Dubravko Lakos-Bujas, who took over market research for the firm this summer, on Wednesday released a year-end 2025 target of 6,500, which eclipses the average projection of about 6,300 among strategists tracked by Bloomberg. The view marks a notable reversal from the warnings coming from JPMorgan strategists for much of the past two years. Entering 2024, the group cautioned that they expected an economic slowdown would pressure corporate earnings. They also said that rich valuations, crowded positioning and low volatility made stocks “very vulnerable.”

But the optimism comes with US stocks at a crossroads as the S&P 500 trades at more than 22 times projected 12-month earnings, compared with an average reading of 18 in the last decade. There’s also the worry that President-elect Donald Trump’s promised policies, from tariffs to the mass deportation of workers, could reignite inflation and push up bond yields, weighing on equities.

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