JP Morgan's number one risk for stocks this year (TL;DR, its valuations)

Comments are via J.P. Morgan Asset Management.

While the managers remain bullish, and indeed are 'overweight', on stocks they say

• Number one risk heading into 2025 valuations
• JPM feels very strongly in the need for earnings to back up valuations
• JPM says they are not saying we’re underweight stocks because valuations are too expensive
• But are emphasising the need for strong earnings ahead
• "We don’t need multiple expansion to get the return this year, because we think we can get it through earnings.”

The scare in December and early January ... is it in the rearview mirror now?

SPX update earlier:

• S&P cannot close at a new high. New intraday high reached.