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JPMorgan’s Kolanovic says the market is now ‘getting cheap,’ favors economic recovery stocks

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Traders work on the floor of the New York Stock Exchange on Nov. 4th. 2020.

NYSE

JPMorgan‘s Marko Kolanovic told CNBC on Wednesday he feels the stock market’s recent declines are “overdone a little bit,” creating opportunities for investors.

“I think market is now actually getting cheap, in some sense,” the firm’s chief global markets strategist said on “Halftime Report.” He added, “I think we’re at the end of this upset. I think the market is going to go higher here. That said, we do still again prefer reflationary themes.”

Kolanovic’s remarks came as the Dow Jones Industrial Average was down nearly 500 points Wednesday. The tech-heavy Nasdaq fell around 2.1%, while the broad S&P 500 was lower by roughly 1.6%.

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