Associated Press
BofA is cautious on stocks due to potential policy missteps from Washington, D.C., a potential resurgence of COVID-19, and uncertainty surrounding the election, according to the note. In the short term, BofA is less bullish on stocks, and instead is "neutral to negative" due to potential policy missteps out of Washington, D.C., a potential resurgence of COVID-19, and uncertainty surrounding the upcoming presidential election.
In the event that a successful COVID-19 vaccine is developed and released, expect it to be "really bullish," but for other benchmarks than the S&P 500. "In a full COVID-19 recovery scenario, which would favor cyclicals, the S&P 500 could meaningfully lag other markets," BofA said.
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