3 Key Takeaways From The May U.S. Jobs Report

That said, stocks certainly aren’t cheap—particularly in the U.S., which Ristuben said is one reason why investors shouldn’t be euphoric. Overall, though, he expects markets to continue moving upward in 2021, perhaps achieving an equity risk premium of around 4%. However, Ristuben said that the potential for a market correction does exist—as it does every year, given that approximately 60% of calendar years experience a 10% pullback in equities.

“It’s important to note that trying to predict when this could happen is very, very difficult—and ultimately, this early in the business cycle, I have a hard time seeing a scenario where a 10% dip in equities actually holds for any length of time,” he concluded.

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