JPMorgan Names October Stock Picks After Mixed September

JPMorgan has updated its list of favorite stock picks for October, adding American Express, Liberty Energy, and Thermo Fisher Scientific. All three stocks received an overweight rating from the bank's analysts. The update comes after a mixed September for Wall Street, with the Dow Jones losing 4.3%, the S&P 500 slipping 0.5%, and the Nasdaq gaining 1.9%.

Historically, October has been a stronger month for US stocks compared to September. Data from Barchart shows that the SPDR S&P 500 ETF has averaged a 2.27% return in October since 2010, making it the third-best month of the year. September, by contrast, has averaged a 0.48% loss over the same period.

American Express, categorized as a value pick, closed at $302.78 on October 2, down 18.16% year to date. Despite concerns over consumer spending and credit rates, analyst Richard Shane remains optimistic, describing it as a core holding for investors seeking high returns and disciplined capital return.

Liberty Energy, a growth pick, has surged 52% over the past year. Its subsidiary, Liberty Power Innovations, focuses on on-site power generation for large users. Analyst Arun Jayaram predicts sustained demand due to tight power supply, particularly for data centers, with a power deficit expected until 2030.

Thermo Fisher Scientific, another growth pick, closed at $654.80 on October 2, up 13% year to date and over 25% in the past three months. The company's partnership with Mayo Clinic's early disease detection venture, Precure, has analysts like Casey Woodring forecasting further gains from AI adoption and biopharma reshoring.