The market's top stocks need to keep winning to hold back a 'stealth correction,' Bank of America says [Yahoo! Finance]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance
The "Magnificent Seven" stocks have to hold onto their gains to avoid sparking a correction. Bank stocks will determine whether the stock meltup becomes a "bull trap" by mid-January. With investors souring on the outlook for interest rates in 2025, it's up to the market's most dominant stocks to keep the party going and avoid sparking a correction, Bank of America said. Risk appetite has become "suddenly twitchy" as investors' uber-bullishness came face-to-face with the Federal Reserve's toned-down view on rate cuts next year. According to BofA analysts led by Michael Hartnett, US and global equity breadth appears "dire," given that a handful of leading equities are propping up major indexes. Without the best-performing "Magnificent Seven" stocks, the S&P 500 would have only gained 8% year-to-date—not the 23% it has returned so far. "Winners must keep winning to keep stealth correction 'under the hood,'" Hartnett wrote on Thursday. Bank of America If the Magnificent Sev
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