Tech stocks brought in $8B+ last week...
I think this has to do with JP Morgan, BofA, Goldman Sachs, and Evercore ISI turning bullish and raising $SPY targets to $5600-$6000.
Majority of the S&P gains this year came from large cap tech, and if earnings are not slowing down, it's just hard for funds to not have more exposure to them. If Q2 earnings continue to do well, these stocks may not burst out to the upside, but they will not be sold off aggressively, requiring some level of exposure.
Rates coming down will be another tailwind to only help tech stocks continue to gain momentum, along with $6T of money market funds beginning to enter into the market.
Large cap tech seems like something funds must have exposure to this year, especially if they believe earnings justify the multiples...
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.
- Drdeedee·06-24GoodLikeReport
- YueShan·06-24Good⭐️⭐️⭐️LikeReport