JPMorgan says this stock market rally is not sustainable

JPMorgan strategists anticipate that the tradeoff between economic growth and policy challenges will persist, impacting sentiment towards stocks as the year draws to a close.

The factors contributing to this outlook include the expectation of sustained high interest rates, downward adjustments in earnings projections, potential erosion of pricing power, threats to profit margins, and a continued slowdown in revenue growth. “As the Fed is set to remain higher for longer at the short end, markets could start to price in a policy mistake, leading to lower long yields down the line, and that might not ultimately be helpful for stocks, especially if 2024 earnings projections start to reset lower,” the analysts added.

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Stock market today: Wall Street closes its best week of the year with even more gainsAsian shares have advanced following Wall Street gains last week that were buoyed by hopes for early interest rate cuts. South Korea's Kospi jumped more than 4% after the government restored a ban on short-selling that had been lifted since May 2021. Japan's benchmark was up 2.4%.
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