Banking giant JPMorgan Chase believes that the US stock market is not finished rallying and will hit much higher levels in the coming months.
In a new CNBC Television interview, JPMorgan Asset Management global market strategist Jordan Jackson says the bank does not expect the US to witness a recession in the next 12 months.
The market strategist also believes that during the period, the stock market will print new all-time highs.
“Markets do appear to be, as we flirt with all-time highs, sort of sanguine over the very, very near term. But that being said, I would say over the next 12 months, I think markets are going to be higher than where they are today, probably meaningfully so.”
Jackson adds that Corporate America has been able to effectively navigate the uncertainty brought about by Trump’s shifting trade policies, solidifying his expectations of a stock market bull run.
“The word I would describe for the earnings backdrop is ‘resilient.’ Companies came into this period of [uncertainty], really did a lot of cost-cutting measures, whether that would be reducing workforce or putting freezes on hiring, really working with their suppliers to either bear the brunt or have some of their foreign suppliers bear the brunt of higher tariffs.
I think when you look at the broader backdrop, you’ve got to look at resiliency in some of the earnings. And I think we’ll see that in some of the tech earnings that we get over the course of [this] week.
This question will be is forward guidance. What are they signaling over the next couple of quarters? We continue to hear a more cautious tone from CEOs with the expectation that the economy is going to begin to slow over the second half of this year. So it would be interesting to see what kind of forward guidance we get that informs our earnings expectations for the tail end of this year.”
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