US Growth Stocks Trade Is Crowded and Overvalued, Says RBC

While poised for the biggest monthly decline so far this year, the Nasdaq 100 is still up 37% in 2023, buoyed by optimism about artificial intelligence developments and hopes that interest rates would peak soon. Growth valuations remain well above their long-term average, Calvasina wrote in a research note.

Meanwhile, growth stocks’ dominance on the earnings revisions front is fading while flows to funds focused on this group of equities have turned negative, she wrote.

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