Janney's Luschini sees mild turbulence and gains for the rest of '25

Mark Luschini, chief investment strategist for Janney Montgomery Scott, says that with no one talking about recession these days, he says "it is the one thing the market is at risk of having happen right now" because the market isn't pricing in any potential downturn. Recession is not his base case, but he says there is an economic soft patch to get through that will take the economy to the edge of stall speed; he does think the market will get through that to finish the year higher, with the Standard & Poor's 500 moving hitting 6,600. Luschini thinks investors will want to ride that upturn well diversified, including allocations to international stocks — and particularly developed Europe — where he thinks valuations will help to keep this year's run-up rolling along.

Joseph Schuster, chief executive officer at IPOX Schuster, says that the market for initial public offerings has been hot this year — a fund based on his landmark IPO index is up more than 30 percent year-to-date — and has some more solid names that are ready for their roll-out, including financial companies Bullish and Miami International Holdings, which make their debuts this week.

Plus, with the S&P 500 having closed Tuesday above 6,400 for the first time, Chuck has a recommendation for how investors should be reacting to the news, and the move they should be making here with the market at highs.