U.S. stocks are set for a mixed day ahead, following a tumultuous Thursday that saw technology companies help the Nasdaq eke out gains while the Dow and S&P 500 fell.Our call of the day, from chief investment officer Mark Haefele’s team at UBS UBS, -1.85% Global Wealth Management, urges investors to look at six types of stocks.
One is to diversify technology holdings away from mega-caps in the U.S. and Asia like Apple AAPL, +1.26%, Amazon AMZN, +2.17%, Alphabet GOOGL, +0.80% GOOG, +0.54%, Facebook FB, +1.64%, Alibaba BABA, +1.09%, and Tencent 700, +0.67%. UBS sees “limited near-term catalysts” for these stocks. Instead, Haefele’s group identified opportunities in digital leaders in Europe; small and midsize firms exposed to trends like 5G, fintech, greentech, and healthtech; and digital subscription businesses.
Investors should also favour U.S. small- and midcap stocks—that is, companies with a market capitalization below $10 billion but above $300 million. “On a price-to-earnings basis, U.S. small- and mid-cap valuations are near 20-year lows relative to large caps, despite the likelihood that earnings growth for smaller companies will outpace large-cap earnings through at least 2022,” Haefele’s team said.
A record $756 billion in cash flowed into the U.S. Federal Reserve’s overnight “reverse repo” facility on Thursday, after a blockbuster sale of securities to money market funds and the country’s largest banks. In reverse repo operations, the Fed sells securities for cash and agrees to buy them back for a higher price at a later date—temporarily reducing the quantity of reserve balances across the banking system.
WallStreet 'advisers' and mass media: CNBC, Bloomberg have to be very proud for luring clueless retail 'investors' into the biggest StockMarket BUBBLE in history! This is what they are paid for by big corporations - turning retail investors into bagholders!
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