JPMorgan's top stock guru says stay underweight equities, investors are too optimistic about economy
JPMorgan's top stock picker Marko Kolanovic says investors should stay underweight equities. The chief market strategist said Wall Street remains overly optimistic about the economy — even appearing to price in a continued expansion — as softer inflation data has left traders hopeful the Federal Reserve could soon end its rate-hiking campaign. But Kolanovic said investors are ignoring the risks that could still lead to a recession.
The strategist pointed to other troubling economic signals, including rising defaults and tightening credit conditions, that point to a weaker credit cycle that has "already emerged." As if to prove the point, bank stocks came under pressure Tuesday after Moody's late Monday lowered the credit ratings on 10 small and mid-sized banks. In response, the SPDR S & P Regional Banking ETF fell almost 4%.
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