1 Stock to Buy, 1 Stock to Sell This Week: JPMorgan Chase, Levi Strauss

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U.S. jobs report, ISM PMI surveys, Fed FOMC minutes in focus.
JPMorgan Chase shares are a buy after dividend hike announcement.
Levi’s stock is set to struggle amid collapsing profit and dire outlook.
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Stocks on Wall Street rallied on Friday to wrap up an action-packed week, month, and quarter as signs of cooling inflation boosted hopes the Federal Reserve is approaching the end of its rate-hiking cycle.
For the week, the blue-chip rose 2%, the benchmark climbed 2.3%, while the tech-heavy advanced 2.2%.
U.S. stocks also posted strong gains for the month of June. The Dow tacked on 4.6%, the S&P jumped 6.5% for its biggest monthly gain since October, while the Nasdaq rallied 6.6%.
Meanwhile, for the second quarter: the Dow rose 3.4% for a third winning quarter, the S&P 500 added 8.3% for its biggest quarterly advance since Q4 2021, while the Nasdaq surged 12.8%.
Finally, for the first half of 2023, the Nasdaq soared 31.7%, its best six-month start to a year since 1983, while the S&P 500 popped 15.9% for its best first half since 2019. The 30-stock Dow is up a modest 3.8%.
S&P 500 vs. Nasdaq vs. Dow
The holiday-shortened week ahead – which will see U.S. stock markets close early at 1:00PM ET on Monday and remain shut on Tuesday for the Fourth of July Independence Day holiday – will likely be another eventful one.
On the economic calendar, most important will be Friday’s U.S. jobs report. As per Investing.com, are forecast to rise by 200,000 in June, while the is seen holding steady at 3.7%.
Meanwhile, the Institute for Supply Management’s (ISM) is scheduled for Monday, followed by the ISM on Thursday.
Economic calendar
Elsewhere, the release of the Fed minutes on Wednesday will also be watched closely for any clues on the outlook for monetary policy ahead of the July FOMC meeting.
Currently, financial markets are pricing in an 86.8% chance of a 25 basis point rate hike at the next policy meeting on July 26, according to Investing.com’s .
Regardless of which direction the market goes, below I highlight one stock likely to be in demand and another which could see further downside.
Remember though, my timeframe is just for the week ahead, July 3-7.
Stock To Buy: JPMorgan Chase
I expect shares of JPMorgan Chase (NYSE: ) to outperform in the coming week, with a potential breakout to a new 52-week high on the horizon, as the largest U.S. bank announced plans to raise its quarterly dividend after clearing the Federal Reserve’s annual stress test.
The financial services giant said late Friday that it plans to increase its quarterly common stock dividend to $1.05 per share starting in the third quarter of 2023, up 5% from its current $1.00 per share dividend payout.
JPM dividends
It also declared that it would continue to buy back shares under its existing share repurchase program previously approved by its board.