JPMorgan Chase warns that profit prospects are dimming, and stock market complacency is appearing.

Morgan Stanley's quantitative strategist stated that with the strong rise in the stock market and accelerated downward revisions in earnings expectations occurring at the same time, the stock market is showing signs of complacency. Khuram Chaudhry's team at Morgan Stanley stated that the speed of the rebound in the stock market from the lows of April is even faster than after the COVID-19 pandemic, pushing the MSCI developed market index and many regional benchmark indices to record highs. At the same time, market consensus data shows that the magnitude of downward revisions in global earnings expectations far exceeds upward revisions.