"Nothing in Powell's comments suggests to us that the path for interest rate hikes or the terminal rate is different, and it was always unlikely that the Fed would act to control yields while financial conditions remain so loose. We maintain our view that the 10-year yield will end the year close to 1.5%," UBS Global Wealth Management's Chief Investment Officer Mark Haefele said in a note immediately after.
"Tech was oversold with 18.6% of NASDAQ stocks above their 50-day moving average last Friday morning," Dennis DeBusschere, a macro research analyst at Evercore ISI, wrote in a Sunday note."Tech returns are typically stronger than normal when the percentage of NASDAQ names trading above their 50day moving average falls below 20%."
That helps explain why the tech behemoth Amazon is on Wedbush's list alongside value and cyclical stocks. As a whole, the list had returned 23.7% year-to-date as of March 3, compared to the S&P 500's 1.5% and Nasdaq's 2.4% gains during the same period.