during 2023. The group bounced off its most recent low just after Silicon Valley Bank and Signature Bank collapsed and were taken over by regulators earlier this month, accelerating a drain in deposits by customers at small and mid-tier banks.
A slide in Treasury yields from this year's peaks has helped fuel the 17% jump in the S&P 500 Information Tech group. The slump in yields can translate into lower borrowing costs as high costs cut into the value of future earnings for tech and other growth companies. The S&P 500 turned negative but has since risen by 4%.
"Rather than chasing yet another crowded trade that is vulnerable to the next unwind, we recommend seeking safe haven among quality stocks at less demanding valuations," he said.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Barclays highlights 10 top quality stocks that are also cheapThese quality stocks, which are trading at a discount, can help investors get through a hard landing, the firm said.
Read more »