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LONDON, July 25 - Investors are ditching some of this year's favourite trades as a retreat in the glitzy megacaps risks snowballing into a multi-pronged selloff that has hit everything from cryptocurrency to gold, and made calling the market's next move ever more complex.
A diverse set of factors has lit the fuse of market anxiety over how stretched valuations in Big Tech might be, against a backdrop of rising U.S.-China trade tensions and tepid earnings. Volatility has picked up, with the VIX index , rising on Wednesday by the most in a day for two years and set to keep increasing if markets fall further."On the upside, are valuation insensitive and this is the same on the downside. The volatility compression you have on the way up goes in the opposite direction on the way down," Mario Baronci, portfolio manager at Fidelity International, said.
“Tech is correcting following the strongest two-month relative outperformance since 2022,” he wrote in a Thursday report. “Our base case is that the longer-term bull market remains intact, but it’s often two steps forward, one step back.” "I think these narratives are being used to create some excuse for what was probably just some sort of summer profit taking,” said Richard Clode, tech portfolio manager at Janus Henderson Investors.
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