The firm's chief US equity strategist predicted “roughly a flat return from now until the end of the year.”
The S&P 500 has recouped the bulk of its losses from last month's rout.
Strategist Marko Kolanovic and his team have been among a small group of bearish contrarians on Wall Street this year.
The S&P 500 is on track for a third straight week of declines.
As rate cuts now seem far away, it's corporate earnings keeping bulls optimistic.
What will be the sign that the five-month rally in U.S. equities is coming to an end?
Equity gains are showing signs of extending beyond just technology.
The bank's trading desk says it's a good time to buy, but its chief market strategist is more cautious.
The S&P 500 has already blown past the Wall Street consensus over where the index will finish the year.
Wagers on Fed rate cuts have spurred investors to increase their US stock exposure.
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