JPMorgan trading desk says it is moving back to 'tactically bullish', stating that the ceasefire should drive re-risking and make a move above 7,000 in SPX likely
Importance
Level 1
- SPX also likely to be supported by earnings and lower tech valuations
- JPM strategists say that Strait of Hormuz reopening, a possible two-week extension and normalising oil flows may ease inflation pressures, though residual geopolitical risk and subsequent consumer impact remains
- Adds that it will take time to play out in the data, so tells clients to watch data on jobs and consumer spending, as well as incremental fundamental improvements
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