"We think that the high level of uncertainty, which notably stems from Trump’s chaotic policymaking, will prevent the S&P 500 from rising as quickly as it has recently."

In all, the S & P 500 has soared more than 20% since an April low in the wake of Trump's "Liberation Day" tariff announcement. Over that period, the tech-heavy Nasdaq has climbed 28%, while the Dow Jones Industrial Average has jumped 12%.