A worryingly large number of US stocks are expensive, crowded, and pose a downside risk to the S&P 500, says Bank of America

A team of strategists led by Savita Subramanian said in a Friday note that large-capitalization growth stocks - assets which make up a large chunk of the US market - are expensive and crowded, even when accounting for historically low interest rates.

Now,"bullish sentiment, lofty valuations, massive dispersion between rich and cheap stocks, and no rewards for EPS beats all indicate risk," the strategists said.

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