We see second-half “trouble rather than an era of new AI rules,” strategists led by Michael Hartnett wrote in a note on Friday. They highlighted the correlation between central bank liquidity and tech stocks, and indicated that it is incongruous the Nasdaq has been testing record highs while central bank balance sheets have fallen by around $3 trillion during the current rate-hiking cycle.
Hartnett was correct in his prediction for a stock-market slump last year and has maintained a bearish outlook in 2023 even as equities rallied in the first half. Hartnett delivered his warning even as tech stocks saw the largest inflows in ten weeks at $2.3 billion in the week through Wednesday, according to EPFR Global data cited by BofA. The data do not capture Thursday’s market moves.
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