BofA Strategists Prefer Global Stocks to Tech-Heavy US Market
- Strategist prefers cheaper global stocks like banks over US
- Hartnett says earnings downturn will be deeper than thought
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Investors should avoid US stocks as expectations of a recession have become universal, according to Bank of America Corp.’s Michael Hartnett.
The strategist is specifically negative on technology shares, which have a higher concentration in the US than international markets, as they’re set to come under pressure from increased regulatory scrutiny and higher interest rates.