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What keeps Wall Street up at night

September 15, 2020. Summarized by summa-bot.

A health worker injects a woman during clinical trials for a Covid-19 vaccine at Research Centers of America in Hollywood, Florida, U.S., on Wednesday, Sept. 9, 2020. Drugmakers racing to produce Covid-19 vaccines pledged to avoid shortcuts on science as they face pressure to rush a shot to market. Photographer: Eva Marie Uzcategui/Bloomberg via Getty Images

Despite a rocky performance for stocks in recent weeks, Wall Street has remained level-headed, sticking to predictions through the end of the year and encouraging clients to stay the course.

London (CNN Business)Despite a rocky performance for stocks in recent weeks, Wall Street has remained level-headed, sticking to predictions through the end of the year and encouraging clients to stay the course.

In recent days, strategists at top banks including Citigroup and JPMorgan have pointed to dark clouds on the horizon, noting that some may need to dissipate before riskier assets like stocks can move much higher.

"The Street generally dislikes uncertainty and therefore we sense a desire from fund managers to get a better 'feel' for these items before committing to equities for next year," Tobias Levkovich, Citi's chief US equity strategist, said in a recent research note.

On that last item, Levkovich notes that US households' ownership of stocks as a percentage of financial assets is near 50-year highs, and that foreign investors are already very exposed.

In a recent sit-down with analysts at Keefe, Bruyette & Woods, CEO Jamie Dimon said the company has observed a drop in productivity levels, most notably on Mondays and Fridays.

"He expressed caution given the elevated level of uncertainty that remains and noted the recovery could easily be derailed by a lack of more stimulus, the election, and a second wave of infections," KBW's analysts said.

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