By Lewis Krauskopf and Yoruk Bahceli (Reuters) - Strategists at BofA Global Research see second-half
Is Halifax Prepared for a Hurricane? | SaltWire - Strategists at BofA Global Research see second-half"trouble" for technology stocks even as the sector took in its largest inflow in 10 weeks, the firm said in a note on Friday.
The tech-heavy Nasdaq Composite has gained 28% this year, fueled by megacap stocks and excitement over the business potential of artificial intelligence. BofA pointed to the correlation between a surge in central bank liquidity and the Nasdaq over the past 15 years. But central bank balance sheets are down $3 trillion"yet Nasdaq wants new highs," the strategists led by Michael Hartnett said in a note.In the latest weekly data, the tech sector saw a $2.3 billion inflow, its largest inflow in 10 weeks, BofA said. More broadly, investors fled equities in the week to Wednesday but continued putting their cash into bonds as yields surged, BofA said, citing EPFR data.The U.S. Treasury market, where borrowing costs have shot up the most this month delivering losses to investors, saw its 28th week of consecutive inflows, BofA said, the longest streak since 2010. Emerging markets debt meanwhile lost out, BofA said, seeing the largest weekly outflow since the collapse of Silicon Valley Bank in March.
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BofA sees 'trouble' ahead for tech stocks despite big inflowsStrategists at BofA Global Research see second-half 'trouble' for technology stocks even as the sector took in its largest inflow in 10 weeks, the firm said in a note on Friday. The tech-heavy Nasdaq Composite has gained 28% this year, fueled by megacap stocks and excitement over the business potential of artificial intelligence. BofA pointed to the correlation between a surge in central bank liquidity and the Nasdaq over the past 15 years.
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