Group 1 - JPMorgan's strategy team indicates that the cooling labor market in the U.S. may exert a greater suppressive effect on the stock market than the potential boost from Federal Reserve rate cuts [1] - The team, led by Chief Strategist Mislav Matejka, believes that the weakening macro environment supporting U.S. equities is diminishing, and that the negative impact of a weak labor market on investor confidence will be more significant than the positive effects of monetary easing [1] - The report emphasizes that the adverse effects of a weak labor market will dominate over the positive push from the Fed's loosening of monetary policy [1] Group 2 - In contrast, Morgan Stanley's strategy team, led by Michael Wilson, suggests that the market may begin to rebound before the anticipated rate cuts are realized [3] - Morgan Stanley economists predict that the Fed will implement a total of seven rate cuts by 2026, which will provide crucial support for the stock market in the second half of this year [3] - The differing views between the two investment banks reflect a divide in assessing the turning point of the U.S. economy, with JPMorgan focusing on the negative chain reaction from a deteriorating labor market and Morgan Stanley emphasizing the driving effect of policy shifts on valuation expansion [3]