The S&P 500 was 0.1% higher in morning trading and drifting close to its all-time high set last week. The Dow Jones Industrial Average was up 155 points, or 0.4%, as of 10 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.

"While it is too soon to assume that this is a turning point, it does suggest that a recession is unlikely in the near term," JPMorgan said.

Tesla shares have declined 3% year to date, while Microsoft shares have advanced just 9%. But Wall Street expects the stocks to move in opposite directions over the next year. Among the 58 analysts that follow Microsoft, the median price target is $497.50 per share. That forecast implies 22% upside from its current share price of $409.