Here’s exactly how you should invest now following a stunning rally in the first half of the year, according to JPMorgan, Morgan Stanley, and 5 other top investment firms

6. UBS

Second-half outlook: UBS also thinks the S&P 500 offers more risk than reward at current levels. Its year-end price target of 4,100 indicates that a market correction is around the corner.

US stocks are expensive relative to their peers in Europe and emerging markets, in the firm’s view, especially since earnings could continue to fall. While a recession isn’t a sure thing, UBS is wary of economic weakness and is closely watching to see whether the Federal Reserve will prioritize fighting inflation through higher interest rates or preserving the labor market’s strength.