It's time for equity investors to adopt a defensive approach - they should load up on high-quality energy, materials, and healthcare stocks while staying cautious on tech with a recession looming, according to a Wells Fargo strategist.
"Move into larger-cap, higher-quality US equities," Samana, senior global market strategist at the Wells Fargo Investment Institute, toldLarge-cap stocks have been some of the market's best-performing names this year – because the sector is so highly concentrated around tech, which has benefited from the explosion of interest in artificial intelligence and the Federal Reserve easing up on its interest-rate hikes.US GDP growth slowing to just 1.
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