JPMorgan's Kolanovic Says ‘Correction' in US Stocks Isn't Over [BNN Bloomberg (Canada)]
JP Morgan Chase & Co. (JPM)
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Source: BNN Bloomberg
risks, including rising Treasury yields, a strong dollar and elevated oil prices, says JPMorgan Chase & Co.'s Marko Kolanovic. While earnings results from Corporate America this week may temporarily stabilize the market, it doesn't mean stocks are out of the woods, the bank's chief market strategist said. Complacency around equity valuations, inflation staying too hot, dimming expectations for imminent Federal Reserve interest-rate cuts and an overly rosy profit outlook are among forces Kolanovic says are adding to downside risks. “The correction likely has further to go,” he wrote Monday in a note to clients after the S&P 500 Index ended last week more than 5% below its March 28 closing high. A market correction is generally defined as a decline of 10% or greater. “Market concentration has been very high, and positioning extended, which are typically red flags, at risk of a reversal.” US stocks rallied Monday, with the S&P 500 gaining 0.9%, ahead of a busy week of earnings. R
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