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JPMorgan strategist stays stubbornly negative on stocks even as other Wall Street bears capitulate

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'We don't see a reason to change our stance,' strategist Marko Kolanovic wrote.

A top strategist for JPMorgan is sticking with a pessimistic outlook for stocks despite a strong start to 2024 that's winning over other Wall Street skeptics. Marko Kolanovic said in a note to clients on Monday evening that the rally in stocks has not changed his opinion that equities are the wrong place to be right now.

The stock market has outrun most Wall Street projections so far this year, with the S & P 500 up more than 11%. .SPX YTD mountain The S & P 500 has already surpassed the original year-end 2024 targets from major Wall Street strategists. However, signs of a weakening consumer along with elevated interest rates and inflation readings are some of the reasons to remain skeptical on equities, Kolanovic said.

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