‘Growth’ stocks still not cheap, cautions JPMorgan

, with Facebook down 38%, Apple down 5.7%, Amazon down 8.5% and Netflix and Google down 35% and 10% respectively. .

“As Growth stocks weakened of late, they derated, but are still not outright cheap,” JPMorgan’s analysts said in a note to clients, adding that banks and commodity-linked stocks which have rallied this year thanks to rising oil and metals prices or interest rates were still “far from expensive”. Years of record-low rates have fuelled the tech stock rally but with those rates now rising again the appeal of stratospherically-valued tech stocks gets dimmer for investors, especially if their growth trajectories splutter.

“Our fixed income strategists expect U.S. 10-year yields to reach 2.35% by the end of this year, and German 10-year yields to reach 0.5%.” Treasury yields are now at 1.92% and Germany bunds are at 0.2%.

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