It is time to get defensive as Wall Street enters a "tricky" period, according to JPMorgan. Stocks have lagged as of late after a stellar start to the year that was bolstered by the artificial intelligence trade. All three major benchmarks are down on the quarter. The Dow Jones Industrial Average has lost 2%, while the S & P 500 and Nasdaq Composite have slid 1% and 0.2%, respectively. Some on the Street see further consolidation ahead.
"Entering seasonally tricky time of the year, on top of a challenging combination of inflation at risk of staying too high and profit margin pressures," he wrote Tuesday. "The latest market move to a more Defensive trading should have legs, such as recent outperformance of Utilities and Staples.
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