UBS's Lefkowitz downgrades S&P 500 Index rating to neutral.

David Lefkowitz, head of US equities at UBS Global Wealth Management, has downgraded his rating on US stocks from "attractive" to "neutral." In a report on May 13, Lefkowitz wrote that investors appear to have "priced in a significant easing of trade tensions." As recent catalysts for US stocks seem "less widespread," and despite reduced uncertainty, the economy still needs to adjust to higher tariff levels, economic data in the coming months "seems likely to soften." Although Lefkowitz has downgraded his rating on US stocks to neutral, he still believes that the bull market is "intact and the stock market could continue to rise next year."