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"We see it hard for the company to generate additional sales with its current product portfolio or without cutting price further," BofA said.

"While only 7% of the core, private transportation categories contributed over a third (14bp) of the monthly core gain," Goldman Sachs said.

Instead of a recession, the US economy has seen resilient job gains with growth trending at just over 2%.

It's been 59 days without a 2% pullback in the S&P 500, according to data from YCharts, so a correction is likely overdue.

"If one's investment decisions are based primarily upon emotions, then it is hardly a surprise that standard valuation metrics will be cast aside."

The bank said continued "exceptionalism" from the mega-cap tech stocks could drive the S&P 500 to as high as 6,000.

Bank of America strategists said the current bull market in stocks could stretch until 2033.

The end-game to America's $34 trillion pile of debt is either higher taxes or higher inflation. Here's how investors should prepare for both.

The bull market in stocks is only 344 days old, well below the average bull and secular bull market length of 694 and 1,105 days old, respectively.

"Putting the above 3 together, one might end up with a disappointing profits outcome even without seeing an outright recession," JPMorgan said.