JPMorgan Readies for Post-Election Market Shift by Cutting Tech
- Strategists lift banks to overweight on recovery bets
- Investors should buy into post-vote stock weakness: JPMorgan
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JPMorgan Chase & Co. strategists are dropping their longtime preference for technology stocks one day before the U.S. elections as they forecast a change in market leadership, no matter who wins the vote.
After being overweight tech for almost two years, strategists led by Mislav Matejka slashed to neutral the sector that has driven the recovery rally since March and raised their recommendation on banking and insurance stocks to overweight. Their call comes after the Nasdaq 100 Index has tumbled nearly 9% since Oct. 12.