Tech stocks most ‘crowded commerce’ of all time: BAML mark - Financial Markets Worldwide

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Financial system3 hours in the past (Sep 15, 2020 04: 45PM ET)

© Reuters. A trader passes by screens showing Spotify on the floor at the NYSE in New York© Reuters. A trader passes by monitors showing Spotify on the ground at the NYSE in Current York

NEW YORK (Reuters) – Too many investors rep piled into U.S. technology stocks, making the sector the most “crowded commerce” of all time and advanced to unwind, whereas a tech bubble is the glorious effort after an expected 2nd wave from the COVID-19 pandemic, a BofA Securities mark of fund managers stated on Tuesday.

Institutional investors are “rotating” into cyclical stocks and no longer “chasing” momentum since the rally from March lows, whereas a majority now divulge there is a brand new bull market when put next to one-quarter in Could presumably perchance also honest, the mark chanced on.

A credible COVID-19 vaccine will possible trigger larger bond yields, 41% of respondents stated in the mark performed Sept. 3 through Sept. 10, whereas 37% stated they request a vaccine announcement in the first quarter of 2021.

There were 199 respondents to the world mark and 90 who replied to a regional mark, Bank of The USA (NYSE:) stated.

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