BofA Says Cooling Economy Will Crack Big Tech Rally Even More
- Tech dominance is ‘one bad payroll’ away from ending: Hartnett
- Stocks could flash contrarian sell signal if breadth improves
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The rally in the biggest US technology stocks is at risk of fading further if the US economy continues to cool, according to Bank of America Corp.’s Michael Hartnett.
The strategist — who is bullish on bonds for the second half of 2024 — has said signs of an economic slowdown would fuel a rotation into stocks that have lagged behind the pricey tech mega-caps this year.