Tech stocks most 'crowded trade' of all time: BAML survey

Too many investors have piled into U.S. technology stocks, making the sector the most"crowded trade" of all time and difficult to unwind, while a tech bubble is the biggest risk after an expected second wave from the COVID-19 pandemic, a BofA Securities survey of fund managers said on Tuesday.

FILE PHOTO: A trader passes by screens showing Spotify on the floor at the New York Stock Exchange in New York, U.S., March 13, 2019. REUTERS/Brendan McDermidNEW YORK: Too many investors have piled into U.S. technology stocks, making the sector the most"crowded trade" of all time and difficult to unwind, while a tech bubble is the biggest risk after an expected second wave from the COVID-19 pandemic, a BofA Securities survey of fund managers said on Tuesday.

Institutional investors are"rotating" into cyclical stocks and not"chasing" momentum since the rally from March lows, while a majority now say there's a new bull market compared to one-quarter in May, the survey found.A credible COVID-19 vaccine will most likely trigger higher bond yields, 41per cent of respondents said in the survey conducted Sept. 3 through Sept. 10, while 37per cent said they expect a vaccine announcement in the first quarter of 2021.

There were 199 respondents to the global survey and 90 who responded to a regional survey, Bank of America said.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tech leads as US stocks again end higherNEW YORK (AFP) - Tech shares led US stocks higher on Tuesday (Sept 15), with Apple launching new products as markets continued to climb back from a two-week slide.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Tech, healthcare mega deals boost virus-stricken M&A marketAfter adapting to working from home in the COVID-19 pandemic, cash-rich technology and healthcare companies have now mastered dealmaking from home.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Europe: Travel, tech stocks prop up stocks, energy sector takes a hit[BENGALURU] Europe's Stoxx 600 inched higher on Monday as surging travel and technology stocks helped counter losses in the energy sector, with investors focused on Brexit-related developments and central bank actions later this week. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »