The second half of the year for stocks rides on this 'Magnificent Seven' tech ringleader

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Can tech ringleader Microsoft maintain new highs? If no, Bank of America predicts a 'sell-the-rip' move is coming for markets.

U.S. stock-market direction is hanging on the performance of Big Tech ringleader, Microsoft Corp., which must hold on to new highs.

And if Microsoft MSFT, -1.10% can’t maintain new highs, the “equity and credit narrative could flip from ‘buy-the-dip’ in H1 [first half of 2023] to ‘sell-the-rip’ in the second half of year,” said the strategists, who provided the below charrt: The so-called Magnificent Seven stocks, named as such for helping drive a stock rally in the first half of the year, also include Meta META, -3.13%, which on Thursday followed Microsoft MSFT, -1.10%, Apple Inc. AAPL, -1.46% and Nvidia Corp. NVDA, -0.33% into correction territory, implying shares have lost at least 10% from their recent peaks. Also in the seven is Tesla Inc. TSLA, -2.83% which is now in a bear market, down more than 20% from its recent high.

 

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