Strategists at BofA Global Research see second-half “trouble” for technology stocks even as the sector took in its largest inflow in 10 weeks, the firm said in a note on Friday.
BofA pointed to the correlation between a surge in central bank liquidity and the Nasdaq over the past 15 years. More broadly, investors fled equities in the week to Wednesday but continued putting their cash into bonds as yields surged, BofA said, citing EPFR data.The U.S. Treasury market, where borrowing costs have shot up the most this month delivering losses to investors, saw its 28th week of consecutive inflows, BofA said, the longest streak since 2010.
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