JPMorgan called the winning trade in 'beta' stocks a month ago and now says it is over

People walk by the New York Stock Exchange (NYSE) on May 18, 2020 in New York City.
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It's time to rotate out of the stocks that have driven the market higher for several weeks, JPMorgan strategists said in a note.

Last month, the strategists told clients to buy cyclical stocks that were sensitive to the speed of the economic recovery and the overall direction of the market, or "beta stocks." Now, the rotation into those names has run its course, and consumer staples are back on the menu, the note this week said.