JP Morgan Chase: 5100 points could be entry point for S & P 500 index

JPMorgan analyst David Lebovitz said U.S. stocks have hit a low buying range as he believes the U.S. will still avoid a tariff-induced recession. Lebovitz has been waiting for the S & P 500 to hit 5,100, which fell below that level on Friday afternoon. He is far from making a "full bet" on U.S. stocks and believes the risk of a U.S. recession is rising. But Lebovitz said he may take advantage of the recent stock market sell-off to add a modest position at current trading levels. "The cheaper the stock, the more interested we are," Lebovitz said. "Over the long term, selling stocks in non-recession years tends to be less effective from a return perspective."