Year's record run done? The stock market's all-time highs are behind it, Invesco warns

Stocks may be coming off their best day in almost seven months, but Invesco has a warning for investors: Don't get too complacent.

According to the firm's chief global market strategist, Kristina Hooper, the comeback will be short-lived.

"I don't think we're going to hit any new highs this year, and I do expect a lot of turbulence," Hooper said Tuesday on CNBC's "Futures Now."

Those thoughts came as the Dow surged 547 points, or 2.17 percent, on strong quarterly earnings results from names such as Goldman Sachs, Morgan Stanley and Johnson & Johnson. The Dow closed at 25,798.42, and the S&P 500 jumped, closing up 2.1 percent to 2,809.92.

Hooper expects earnings to be a positive near-term market force. But she doesn't see strong numbers as a powerful enough catalyst to return stocks to new highs.

She believes the trade war remains the elephant in the room despite the recent progress the U.S. made with Mexico and Canada.

"The U.S. has now cleared the deck and can focus more entirely on China. That's not a good thing, and so I would expect there to continue to be heat," Hooper said.

Hooper's assessment of the markets has been on target. On "Futures Now" last month, she said the record stock market run could end in October. She predicted a 5 to 10 percent downdraft that would be followed by a "swift recovery.

And, she's sticking with that forecast.

"I do think stocks will ultimately end higher than where we are today because of earnings," said Hooper.

Yet, she went on to call next year "incredibly murky" for the market.

"There's not a lot of visibility about next year because we have one key issue standing between us and next year, and that's the midterm elections," Hooper said. "I do believe it could have an impact on how events unfold over the next several months — particularly trade."

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