Tech stocks are 'one bad payroll away' from losing their dominance, BofA says
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Bank of America Corp.'s Michael Hartnett warns that the rally in US tech stocks is at risk of fading if the US economy continues to cool; $2.6 trillion has been erased from the market capitalization of firms in the tech-heavy Nasdaq 100 Index since July 10; Signs of an economic slowdown could fuel a rotation into stocks that have lagged behind tech mega-caps; Recent data suggests the global economy is 'ill'; A bad payroll report could lead to big tech stocks losing their dominance; The upward trajectory of tech stocks has been derailed as investors flock into small caps on bets that the Federal Reserve could begin cutting rates soon; BofA's custom bull-and-bear indicator is at its highest level in over three years; A reading above 8 would flash a contrarian sell signal; Equity bulls believe that a correction is 'healthy' as the market hasn't fallen below critical levels; The Nasdaq 100 has dropped about 9% since July 10, but it's still up more than 30% since October 2023.
#TechStocks #MarketOutlook #UsEconomy #Nasdaq #BankOfAmerica
https://fortune.com/2024/07/26/tech-stocks-market-outlook-jobs-payroll-report-economy-forecast-nasdaq-losses/
Fortune /
npub1v7…9v0r4
2024-07-26 19:03:53
Author Public Key
npub1v7hvaa8pv7g92sr6na55dtzaxmrrsgddxkhst3e8atw4nxusm37sg9v0r4Published at
2024-07-26 19:03:53Event JSON
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"content": "Tech stocks are 'one bad payroll away' from losing their dominance, BofA says\n==========\n\nBank of America Corp.'s Michael Hartnett warns that the rally in US tech stocks is at risk of fading if the US economy continues to cool; $2.6 trillion has been erased from the market capitalization of firms in the tech-heavy Nasdaq 100 Index since July 10; Signs of an economic slowdown could fuel a rotation into stocks that have lagged behind tech mega-caps; Recent data suggests the global economy is 'ill'; A bad payroll report could lead to big tech stocks losing their dominance; The upward trajectory of tech stocks has been derailed as investors flock into small caps on bets that the Federal Reserve could begin cutting rates soon; BofA's custom bull-and-bear indicator is at its highest level in over three years; A reading above 8 would flash a contrarian sell signal; Equity bulls believe that a correction is 'healthy' as the market hasn't fallen below critical levels; The Nasdaq 100 has dropped about 9% since July 10, but it's still up more than 30% since October 2023.\n\n#TechStocks #MarketOutlook #UsEconomy #Nasdaq #BankOfAmerica\n\nhttps://fortune.com/2024/07/26/tech-stocks-market-outlook-jobs-payroll-report-economy-forecast-nasdaq-losses/",
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