Novavax and Airbnb, Inc. are among several stocks JPMorgan says to sell short heading into the new year.

Major stock market averages have had a tough time over the past two weeks as Treasury yields have climbed and the dollar has strengthened. Broader investor pessimism has bled into the market, as traders began losing faith in Big Tech stocks that have driven the majority of the market’s gains over the past two years.

Against this backdrop, JPMorgan issued a list of stocks to avoid, saying they are likely to accumulate more losses. The firm’s co-head of Americas research Claudia Hueston surveyed JPMorgan’s top-ranked U.S. equity research analysts to find their “most compelling structural and tactical short ideas” for 2025.

The ideas range across a variety of sectors, from industrials to health care and from consumer stocks to technology. Below are some of the stocks JPMorgan frowns on:

Vaccine maker Novavax is rated underweight by JPMorgan analysts. Shares slid as much as 10% Monday after the Gaithersburg, Maryland, company told investors to expect 2024 revenue between $650 million and $700 million, less than the $724.1 million expected by analysts polled by FactSet.

″’Recent gains on bird flu headlines will likely unwind, refocusing story on phase 3 Covid + flu program with uncertain execution timelines and regulatory outlook,” JPMorgan analyst Eric Joseph wrote about Novavax.

JPMorgan is also negative on Airbnb, which has seen its shares struggle since August. The vacation rental company saw a small revenue beat in its third quarter but reported earnings that missed analysts’ expectations, saying it is now focused on expanding beyond its core markets.

JPMorgan analyst Doug Anmuth has a neutral rating on Airbnb, noting mixed sentiment and heavy short interest in the stock, believing shares will fall further given their elevated valuation.

Margin compression tied to new initiatives and increased marketing spending threaten the stock, Anmuth said, pointing to near-term risk if Airbnb’s “business reinventions don’t gain traction and core growth continues to slow.”

Intel is another stock to bet against in 2025, JPMorgan says.

The chipmaker has already fallen out of favor with much of Wall Street, losing 60% of its value in 2024, the largest decline in its 53 years as a public company. Intel has contended with sudden management changes and market losses in several core businesses, failing to keep pace with competitors in artificial intelligence chips. Its shares have continued to fall in 2025, losing about 6% so far this year.

JPMorgan analyst Harlan Sur rates Intel underweight, saying the Santa Clara, California, tech legend is “navigating through a challenging period as it right-sizes the company while continuing to move forward with its technology/manufacturing product roadmaps.”

Sirius XM and homebuilder D.R. Horton are other stocks that JPMorgan is negative on this year.

SiriusXM faces consumer skepticism regarding the satellite music company’s value proposition and investors’ doubts over its ability to grow long-term subscriptions given demographic shifts and continued declines in conversion rates, the Wall Street bank said. That could lead to lower earnings before interest, taxes, depreciation and amortization, and higher capital expenditures for SiriusXM, according to JPMorgan. Already this year, SiriusXM shares have lost more than 8%.

D.R. Horton, whose customers have been hit by higher mortgage rates, is likely to underperform peers over the next 12 months due largely to its relatively expensive valuation, JPMorgan said.