BofA Strategist Says Sell US Stocks as AI Seen Forming a Bubble

Bloomberg2023-05-19

Strategists recommend selling S&P 500 at 4,200 — current levelOverall equity funds had weekly outflows, bonds saw inflowsA Bank of America bank branch in Austin, Texas. Photographer: Sergio Flores/...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1104107828?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-05-19 17:10","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1104107828","market":"us","top_or_hot":-1,"title":"BofA Strategist Says Sell US Stocks as AI Seen Forming a Bubble","media":"Bloomberg","content":"<div>\n<p>Strategists recommend selling S&P 500 at 4,200 — current levelOverall equity funds had weekly outflows, bonds saw inflowsA Bank of America bank branch in Austin, Texas. Photographer: Sergio Flores/...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-05-19/bofa-s-hartnett-says-sell-us-stocks-as-ai-seen-forming-a-bubble?srnd=premium\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BofA Strategist Says Sell US Stocks as AI Seen Forming a Bubble</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBofA Strategist Says Sell US Stocks as AI Seen Forming a Bubble\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-19 17:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-05-19/bofa-s-hartnett-says-sell-us-stocks-as-ai-seen-forming-a-bubble?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Strategists recommend selling S&P 500 at 4,200 — current levelOverall equity funds had weekly outflows, bonds saw inflowsA Bank of America bank branch in Austin, Texas. Photographer: Sergio Flores/...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-05-19/bofa-s-hartnett-says-sell-us-stocks-as-ai-seen-forming-a-bubble?srnd=premium\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".SPX","symbol_name":"S&P 500 Index","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2023-05-19/bofa-s-hartnett-says-sell-us-stocks-as-ai-seen-forming-a-bubble?srnd=premium","article_id":"1104107828","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1104107828","pubTimestamp":1684487400,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Strategists recommend selling S&P 500 at 4,200 — current levelOverall equity funds had weekly outflo","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"translate_title":"美国银行策略师表示，当人工智能看到泡沫形成时，卖出美国股票","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9},"content_text":"Strategists recommend selling S&P 500 at 4,200 — current levelOverall equity funds had weekly outflows, bonds saw inflowsA Bank of America bank branch in Austin, Texas. Photographer: Sergio Flores/BloombergBank of America Corp. strategist Michael Hartnett reiterated his call to sell US stocks, saying tech and artificial intelligence are forming a bubble and the Federal Reserve’s rate hikes may not be over, with rising bond yields posing a risk.Hartnett, who correctly predicted last year that recession fears would fuel a stock exodus, recommended selling the S&P 500 at 4,200 — the index’s current level.If the Fed “mistakenly” pauses rate hikes this year, US bond yields will reflect that by rising above 4%, “and if so we most certainly ain’t seen the last Fed rate hike of the cycle,” strategists led by Hartnett wrote in a note on Friday. The 10-year US Treasury yield traded at about 3.6% on Friday, having surged in the past week amid the debt-ceiling debate.Source: BloombergBofA said AI for now is a “baby bubble,” noting that in the past bubbles always started with “easy money” and ended with rate hikes. They cited the lesson from 1999, when a rally in internet stocks and strong economic data caused the Fed to restart monetary tightening, and the bubble in tech stocks burst nine months later.The biggest “pain trade” in the next 12 months is the Fed funds rate rising to 6% instead of falling to 3%, given that the market expects rate cuts, according to the strategists.US equities rallied on Thursday as optimism over steps toward resolving Washington’s debt-ceiling standoff outweighed concerns that the Fed may not suspend its rate-hiking campaign next month. The Nasdaq 100 soared to the highest level since April 2022, with its 14-day relative strength index closing in overbought territory for the first time since early February. The tech-heavy gauge is up 26% this year, one of the best performers among global indexes. Tech stocks had their fifth week of inflows, while financials saw a third week of outflows, and REITs had the largest withdrawals since November 2022, BofA said, citing EPFR Global data.Overall, equity funds had $7.7 billion outflows in the week through May 17, while bonds have seen inflows in the past eight weeks.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":14,"commentSize":0,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1104107828"}