Markets Showing Signs of Bubble on Big Tech, Crypto Surge, BofA’s Hartnett Says
- There is ‘tremendous euphoria,’ BofA strategist says
- US economic data is becoming more ominous, Hartnett says
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Markets are showing characteristics of a bubble in the record-setting surge by tech’s so-called Magnificent Seven stocks and the all-time highs in cryptocurrencies, according to Bank of America Corp. Chief Investment Strategist Michael Hartnett.
With inflation re-accelerating, growth a little soft and risk assets unscathed, “that is very symptomatic of a bubble mentality,” Hartnett said Thursday in a Bloomberg TV interview. Characteristics of a bubble can be seen in prices, the pace of the moves, in valuations and in the narrowness of the gaining assets.