Goldman Says Tech to Lose Out to Beaten-Down Banks and Autos
- Citi says market isn’t positioned for a rally in value shares
- ‘People get comfortable’ in markets, PanAgora’s Mussalli warns
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A barrage of policy and economic shifts will temporarily put an end to the outperformance of technology stocks and instead lift laggards such as banking and auto shares, according to strategists at Goldman Sachs Group Inc., among a chorus of investors and strategists increasingly warning of an imminent shift in market leadership.
Rising bond yields, the expectation of at least one Covid-19 vaccine approval this year and the potential of a so-called Blue Wave in November’s U.S. elections could lead to a reversal of fortunes for the sector that has been the biggest stock market winner of the pandemic so far, a team including Peter Oppenheimer wrote in a note Thursday.