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JPMorgan strategist Fabio Bassi believes that there is still room for the US stock market to rise by the end of the year, but the market will rely on sector rotation rather than a synchronous rise in all risk assets. JPMorgan maintains a constructive view on stocks, favoring high-quality growth stocks, cloud computing leaders, and the semiconductor sector that has undergone repricing. JPMorgan Chase believes that recent volatility means funds are withdrawing from crowded trading and entering a direction with higher profit visibility and more digestible valuations. JPMorgan interprets the upward trend in long-term US bond yields as a signal of increased capital demand and investment opportunities.