Morgan Stanley Details Three Sectors for ‘Next Leg of Bull Market’ As JPMorgan Raises Odds of Imminent Fed Rate Cut
JPMorgan Chase remains optimistic about the US economy despite recent job growth revisions, with a two-month drop of 258,000 jobs. David Kelly, chief global strategist at JPMorgan Asset Management, believes the jobs report does not reflect the overall economic health. Meanwhile, Morgan Stanley's Sherry Paul sees potential for the equity bull market to continue, highlighting growth in health and biotech sectors, and the benefits of looser government regulations for certain industries.
Banking titan JPMorgan Chase remains unfazed by signs of labor market softness, saying the US economy continues to move steadily ahead.
In late July, the Bureau of Labor Statistics (BLS) slashed its job growth estimates, revising June’s figure from 147,000 to 14,000 and July’s from 144,000 to 19,000 – a combined two-month drop of 258,000 jobs.
In a new CNBC Television interview, David Kelly, chief global strategist at JPMorgan Asset Management, thinks that the jobs report is clouding what is otherwise a picture of a healthy economy.
Meanwhile, Morgan Stanley believes the equity bull market is intact despite a pullback earlier this month.
In an interview, Morgan Stanley private wealth advisor Sherry Paul believes that the stock market has more upside potential as countries focus more on domestic production and self-reliance. She also sees growth in the health and biotech sectors, while noting that certain industries will benefit from looser government regulations.
