When Wall Street strategists were cheering on President Trump’s electoral victory and projecting another rosy year for U.S. stocks, J.P. Morgan’s Michael Cembalest was taking a decidedly different tack.

Wall Street is higher in late trading on Friday, but only after careening through another wild day. It's a fitting ending to a brutal week of scary swings dominated by worries about the U.S. economy and uncertainty about what President Donald Trump will do with tariffs.