Speaking with BNN Bloomberg on Tuesday, Strategas Research Partners’ ETF and technical strategist, Todd Sohn, said bank underperformance is the main barrier standing in the way of positive year-end returns for Canadian equity markets.
The S&P/TSX Composite Index Banks has underperformed its broader index since March, back when Silicon Valley Bank collapsed and sent shockwaves through global financial markets. Tech has also been a factor in the TSX underperforming against the S&P 500 this year, as Canadian markets were left out of the mega-cap tech rallies that pushed the S&P into a new bull market.
“We’re OK with the top five stocks on the S&P weighing nearly a quarter of the index. It’s OK if the equal weight underperforms for now.”
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