JPMorgan warned investors to be cautious on the market due to geopolitical uncertainty even as it expects a solid earnings season.

“S&P 500 is expected to deliver [its] strongest earnings growth in 22 quarters with momentum driven by recovering U.S. and global economic growth, higher oil prices, and rising rates for financials,” strategist Dubravko Lakos-Bujas wrote in a note to clients Tuesday.

“While stronger earnings growth … has typically coincided with a positive … drift for S&P 500, we continue to believe geopolitical risks (upcoming French election, Syria/Russia, North Korea/China) are likely to weigh on equities in the short term and could overshadow the constructive tone from this earnings season,” he added.