Stocks have rebounded after a selloff over the summer on fading recession concerns and the Fed's policy easing.
Tax and tariff policies are seen by investors as having the biggest impact for corporate earnings.
The nonfarm payrolls report is the main focus for markets this week.
The strategist reiterated his preference for large-cap stocks with a robust earnings outlook.
The strategist said that stocks are now pricing in more Fed easing.
A clear direction for jobs would “resolve the autumn ambiguity,” the strategist said.
Declines of over 20% in the S&P 500 Index have become less frequent since the 1990s, the firm's analysts say.
The strategist said that an initial Fed cut of more than 25 basis points could support the yen.
The concern that tech valuations are getting too high has pushed investors into other parts of the market.
Commodities may be a better bet in an environment of prolonged high inflation, the bank's analysts say.
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