100-hour work weeks are not uncommon, junior bankers saidMomo Takahashi/BIJPMorgan's top strategist had something positive to say about stocks for the first time in a while.JPMorgan chief equity strategist Dubravko Lakos-Bujas said investors should get less defensive."While it is too soon to assume that this is a turning point, it does suggest that a recession is unlikely in the near term."Strategists at JPMorgan have been bearish on the stock market since October 2022.But that seems to be changing, based on a Tuesday note from JPMorgan chief global equity strategist Dubravko Lakos-Bujas.While Lakos-Bujas didn't update his firm's year-end S&P 500 price target of 4,200, which implies a steep 27% decline from current levels, he did recommend investors turn less bearish on the market."We are neutralizing our long Defensive and short Cyclicals view," Lakos-Bujas said.The Federal Reserve cutting interest rates and China unleashing new stimulus measures are driving the change in Lakos'-Bujas' sentiment."Policy support from the world's largest economies are coming at a time of surprisingly resilient US growth with tight labor markets, ongoing government deficit spending, and record highs across equities, credit, and housing," Lakos-Bujas said.The bank also pointed to the solid health of US consumers, who have collectively added $50 trillion to their wealth since Covid.According to data from the Federal Reserve, US consumers have about $185 trillion in assets, made up mostly of stocks and bonds, homes, and cash, and just $21 trillion in debts.