Strategist Highlights Caution Amid Ongoing Macro Risks

JPMorgan’s strategist Mislav Matejka suggests that stocks may present buying opportunities in the second half of 2025. However, he expresses a cautious stance at present due to prevailing macroeconomic risks, weak economic data, and uncertainties surrounding trade policy.

In his latest strategy note, Matejka outlines that a more bullish approach will depend on specific economic indicators falling into place.

Conditions for a More Positive Outlook

• Hard data improvement to align with soft data metrics.
• Earnings projections need resetting, and weak guidance should be resolved.
• Stabilization of trade discussions.

Investors should remain attentive, as signs of significant economic shifts and adaptations in trade policy may emerge. This watchfulness is crucial for navigating the present financial landscape.