BofA Says Trade Favoring US Stocks Looks at Risk of Unwinding [Yahoo! Finance Canada]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance Canada
(Bloomberg) -- The Nasdaq 100 is approaching a level versus the S&P 500 that could trigger the unwinding of the trade favoring US equities, according to Bank of America Corp. strategists. Most Read from Bloomberg Relative pricing for the tech-heavy index over the S&P 500 is holding above a high reached in 2000, “keeping investors comfortably long US tech stocks and US dollar,” said a BofA team led by Michael Hartnett. A crack below that level would be a strong catalyst for rotation out of “US exceptionalism” trades, they wrote in a note. Hartnett last week said investors should start putting more money into stocks outside the US heading into next year, recommending equities in China and Europe. The S&P 500 has climbed 25% in 2024 following gains of a similar size the previous year. If history is any guide, the S&P 500 is on track for another double-digit rise or drop in 2025, according to the strategists. The “secret sauce” for a further rally is a decrease in bond yields, th
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