Mega-cap stocks powered the 2023 market rally, but they now face a bigger selloff risk as recession looms, a JPMorgan strategist says

• Mega-cap stocks powered the 2023 equity market rally so far, but that trend may not last for long, a JPMorgan strategist said. 
• Such shares now face a bigger selloff risk as a recession draws nearer, Jason Hunter told CNBC on Thursday.
• "That's when you tend to see flight to quality turn into flight to cash," he said. 

Mega-cap stocks have powered the equity rally of 2023, but that may not be the case for long. These market leaders now face a bigger selloff risk than other names as a recession looms, according to JPMorgan strategist Jason Hunter.