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☆ The S&P 500 Through the Prism of a ‘Magnificent 7’
▼ + stars: | 2024-01-27 | by ( Joe Rennison | ) www.nytimes.com time to read: 1 min

The group’s name, an allusion to a 1960s western starring Steve McQueen, was coined by the Bank of America analyst Michael Hartnett early last year. It consists of Google’s parent, Alphabet; Amazon; Apple; Facebook’s parent, Meta; Microsoft; Nvidia; and Tesla. These stocks rose an average of 105 percent in 2023, led by Nvidia. Microsoft itself rose 57 percent. The S&P 500 index also had a good run in 2023, much better than was expected at the start of the year, when inflation and higher interest rates clouded the outlook.

Persons: Steve McQueen, Michael Hartnett Organizations: Bank of America, Meta, Microsoft, Nvidia

☆ Wall St Week Ahead Tax-loss selling, 'Santa rally' could sway U.S. stocks after November melt-up
▼ + stars: | 2023-12-02 | by ( David Randall | ) www.reuters.com time to read: +5 min

The key catalyst for stocks will likely continue to be the expected trajectory of the Federal Reserve's monetary policy. In September, historically the weakest month for stocks, the S&P 500 fell nearly 5%. The S&P 500 gained nearly 9% gain in November, historically a strong month for the index. Overall, December has been the second-best month for the S&P 500, with the index up an average of 1.54% for the month since 1945, according to CFRA. Many other names have languished: The equal-weighted S&P 500, whose performance is not skewed by big tech and growth stocks, is up around 6% in 2023.

Persons: Mike Segar, Santa Claus, Stocks, We've, Sam Stovall, Claus, Kraft Heinz, BofA, Sameer Samana, Dow, Michael Hartnett, David Randall, Ira Iosebashvili, Richard Chang Organizations: New York Stock Exchange, REUTERS, Federal, Research, Investors, LPL, BofA Global Research, PayPal Holdings, CVS Health, Kraft, Wells, Investment Institute, Nvidia, Dow Jones, Coinbase Global, Innovation, Thomson Locations: Manhattan, New York City , New York, U.S, Santa, New York

☆ Bank of America unveils its top 10 trades for 2024, and 6 signs that would confirm a true bull market has arrived
▼ + stars: | 2023-11-30 | by ( Mark Reeth | ) www.businessinsider.com time to read: +5 min

Here are the indicators he's watching in 2024, and the trades investors should make now so that when the bull market finally arrives, they will be well-positioned to profit. Bank of America, alongside BMO, believes that the S&P 500 could beat its all-time high and soar over 5,000 next year. But in the back half of 2024, Hartnett believes the "3Cs" and the "3Ps" will combine to kick off a bull market in the "3Bs": bonds, bullion, and breadth. "Bonds can easily deliver equity-like returns in 2024," Hartnett wrote, particularly if "a weaker US economy & Fed cuts delivers cyclical decline in bond yields & US dollar (+ve gold)." Hartnett wrote that any panic policy moves could be a "catalyst for outperformance of leverage over quality, small over large, value over growth, international over US."

Persons: Michael Hartnett, Hartnett, there's Organizations: Federal Reserve, Bank of America, Business, America's, BMO, SOX Locations: XBD, Japan, China

Now "it's like 'plus-10' and then China," he added, with the latter down to providing half of Industry West's products and being trimmed more. China recorded its first-ever quarterly deficit in foreign direct investment in July-September, suggesting capital outflow pressure. But for the first time in the four decades since China opened up to foreign investments, executives are now also concerned about long-term growth prospects. Primavera Capital founder Fred Hu cites mounting macroeconomic uncertainty, a "murky capital market outlook," and lingering concerns over past regulatory crackdowns on high-growth industries such as technology and education. Despite the challenges, foreign investment flows are not unidirectional.

Persons: Jordan England, Nicholas Lardy, England, I'm, Li Qiang's, Li, Michael Hart, Noah Fraser, Fred Hu, Hu, Joe Cash, Ellen Zhang, Kane Wu, Eduardo Baptista, Don Durfee, Kripa Jayaram, Marius Zaharia, Jamie Freed Organizations: China, Reuters, Peterson Institute for International Economics, LONG, Conference Board, China International, Canada China Business Council, Reuters Graphics, Primavera Capital, Tech, Thomson Locations: China, BEIJING, HONG KONG, Southeast Asia, Eastern Europe, Mexico, England, Florida, Washington, Beijing, consultancies, U.S, Asia, Australia, Europe, Hong Kong

☆ Bank of America's Michael Hartnett thinks the market is ignoring risks of a hard landing in 2024
▼ + stars: | 2023-11-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

"We believe the risk of a 'hard landing' for the economy is higher-than-expected." In that kind of a climate, Hartnett expects commodities, including copper and oil, to outperform, along with bonds and cash. "We are sellers of crowded 'no landing' plays into recession," Hartnett said, making a call that includes the "Magnificent Seven" tech stocks along with semiconductors, homebuilders and biotech. The firm is "buyers of 'hard landing' plays at onset of recession," he said, including REITs, banks, defensive stocks, small-cap stocks and China. Despite Hartnett's warnings, BofA overall is looking for a soft landing with easier monetary policy.

Persons: Michael Hartnett, Hartnett Organizations: Bank of America, Bulls, U.S ., Reserve Locations: BofA, China

☆ If you want to be the ultimate contrarian next year, bet on these things happening
▼ + stars: | 2023-11-17 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Based on the bank's monthly Global Fund Manager Survey, strategist Michael Hartnett created a list of "contrarian" outcomes and hedging opportunities. As of now, high-quality assets are expected to outperform in 2024, with only 6% of fund managers predicting otherwise, said Hartnett. Close to 90% of surveyed fund managers see elevated geopolitical risks in the coming year. For a contrarian outcome, Harnett says to trade as if oil prices will move lower still by shorting crude. Only 6% of fund managers are predicting inflation moves higher next year, according to BofA.

Persons: Michael Hartnett, Hartnett, Harnett, — CNBC's Michael Bloom Organizations: of America, Global Fund, Survey, Bank of America's, Nasdaq, Treasury, Securities

☆ APEC Summit Biden Aims to Fortify Ties With Asian Nations at Summit in San Francisco
▼ + stars: | 2023-11-16 | by ( Katie Rogers | ) www.nytimes.com time to read: +12 min

Image President Xi Jinping of China spoke to a crowd of U.S. business executives at a dinner in San Francisco on Wednesday evening. “There are hundreds and hundreds of activists —” Crowd: “Go home Xi Jinping!” “— who are coming together from all corners of this nation.” “We are really upset. 1 question for us is: Are we adversaries or partners?” Mr. Xi asked. Mr. Orlins said the Chinese had prepared three versions of a speech Mr. Xi could deliver that night. After Wednesday’s events with Mr. Biden, Mr. Xi picked the friendliest one.

Persons: Xi Jinping, Carlos Barria, Xi, —, Xi Jinping doesn’t, ”, ” “, Jinping, Josh Edelson, Xi —, Mr, Tim Cook, Larry Fink, BlackRock, Jerry Brown, Elon Musk, ” John L, Holden, Biden, Doug Mills, ” Michael Hart, Jim Wilson, Angus, Gina M, Raimondo, “, Ms, “ I’m, Stephen A, United States — Deng Xiaoping, Jiang Zemin, Hu Jintao, Deng, It’s, ” Mr, Orlins, “ They’re, Jeff Chiu, Biden’s Organizations: Visit, Credit, Agence France, Hyatt Regency, Apple, Boeing, Pfizer, Nike, FedEx, Elon, McLarty Associates, San Francisco . Credit, New York Times, U.S, American Chamber of Commerce, ., Mr, National Committee, United, China Relations, Associated, U.S ., China Business Council, Economic Cooperation, Consulate Locations: China, U.S, San Francisco, Hong Kong, Tibet, United States, California, Filoli, San Francisco ., ”, Iowa, Asia, Pacific

☆ Welcome to the (almost) red-hot bond market
▼ + stars: | 2023-11-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Surging mortgage rates over the past few years have sent home loan applications and home sales down sharply. The 30-year fixed rate mortgage was also advancing towards 8% — a level not seen since the dot-com bubble popped in 2000. Those raging Treasury yields brought pain to investors and also increased how much American companies had to pay to service their debts. In fact, Wall Street is struggling to figure out what it means for the timing and scale of future rate cuts.

Persons: ”, Michael Hartnett, Gina Bolvin, “ We’re, Phillip Wool, Goldman Sachs, Morgan Stanley, Ellen Zentner Organizations: New, New York CNN, New York Federal, Treasury, Dow, Bank of America, Bolvin Wealth Management, Mortgage News, Mortgage, Association, Financial, Consumer, Federal Reserve, Goldman, Fed, UBS, Airlines for America, AAA Locations: New York

☆ Investors are the most overweight bonds in 14 years, expecting rates to decline, survey shows
▼ + stars: | 2023-11-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Professional investors are flocking to bonds in a stampede not seen since the end of the financial crisis, according to the latest Bank of America Global Fund Manager Survey. "The big change in the November FMS was not the macro outlook, but rather the conviction in lower inflation, rates, and yields," Bank of America investment strategist Michael Hartnett wrote in a summary of the results. The move was "evidenced by the 3rd largest overweight in bonds in the last two decades (only in Mar'09 and Dec'08 were investors more overweight bonds)." Expectations for a bond reversal dominated the November survey, with a record 61% saying they expect lower yields over the next 12 months. The "investor playbook for 2024 is soft landing, lower rates, weaker US$, large cap tech and pharma bull continues, avoid China and leverage," Hartnett said.

Persons: Michael Hartnett, playbook, Hartnett Organizations: Bank of America Global Fund, Survey, Wall Street, Bank of America, Mar, Federal Reserve, pharma Locations: China

☆ Bank of America’s investment strategist says the S&P 500 correction could last until it hits this level
▼ + stars: | 2023-10-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The stock market could see further damage if one key index can't hold an important technical level, according to Bank of America investment strategist Michael Hartnett. Looking at several key indexes, Hartnett said in a client note Thursday that selling pressure has persisted even in less tech-sensitive parts of the market, specifically citing the S & P 500 Equal-Weighted index. If that can't hold onto the 5,540 level — it closed Thursday at 5,501 — it could signal further pressure on the more widely followed S & P 500 market-cap weighted index. .SPX YTD mountain S & P 500, YTD While still up 7.8% for 2023, the S & P 500 has tumbled about 14% from its all-time high. However, Harnett said he won't get bullish until the "3Ps" kick in: "bearish positioning combines with recessionary Profits to Policy easing."

Persons: Michael Hartnett, Hartnett, Harnett Organizations: Bank of America, Wall Locations: Thursday's

☆ The S&P 500 could fall another 5% and test a critical support level that has previously marked the bottom, Bank of America says
▼ + stars: | 2023-10-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The S&P 500 could fall another 5% to test a critical support level, according to Bank of America. AdvertisementAdvertisementThe S&P 500's 10% decline since the end of July is putting the index within striking distance of a critical technical support level, according to Bank of America. The 200-week moving average measures the average price of the S&P 500 over the past four years, and it's been consistently rising ever since 2012. The S&P 500 has had a tendency to test this line during periods of market stress over the past decade. Meanwhile, the S&P 500 recently broke below a shorter-term technical support level: the 4,180 to 4,195 range, according to Fairlead Strategies' Katie Stockton.

Persons: BofA's Michael Hartnett, —, Michael Hartnett, it's, Hartnett, Katie Stockton Organizations: Bank of America, Service, Bank of America . Investment

☆ A widely followed Wall Street survey shows investors turning bearish again, raising cash levels
▼ + stars: | 2023-10-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Professional investors are turning more bearish again amid the current macro backdrop, according to a closely watched Wall Street survey from Bank of America. The bank's Global Fund Manager survey showed investors have upped their cash levels and are maintaining a pessimistic outlook on growth and the economy. Specifically, strategist Michael Hartnett said the cash allocation among those surveyed increased to 5.3% from 4.9%, while staying neutral on stocks. "1 out of 4 [fund manager survey] investors expect that there will be no recession in the next 18 months," Hartnett said. A record number of respondents also indicated that monetary policy remains too tight, while fiscal policy is too easy.

Persons: Michael Hartnett, Hartnett, —, — CNBC's Michael Bloom Organizations: Bank of America, Global, Reserve

☆ BofA: Investors sell stocks, buy bonds; shun emerging markets
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Oct 13 (Reuters) - Investors sold stocks and bought bonds in the week to Wednesday, Bank of America Global Research said in a note on Friday, while investors continued to shun emerging market assets. Equities had a weekly outflow of $8.2 billion, BofA said, citing EPFR data, while investors favoured the relative safety of bonds, which had inflows of $3.7 billion. Inflows into Treasuries totalled $7.2 billion, the largest weekly inflow since March 2023, BofA said. Investors dumped emerging market debt and stocks in the latest week, with outflows from equities at $4.3 billion, their largest weekly outflow since May 2022, BofA said. The 10-year yield was last at 4.6248%.

Persons: Brendan McDermid, BofA, Michael Hartnett, Hartnett, BofA's, Samuel Indyk, Amanda Cooper, Jane Merriman Organizations: New York Stock Exchange, REUTERS, Bank of America Global Research, Investors, Thomson Locations: New York City, U.S, Treasuries

☆ Bonds 'in greatest bear market of all time' - BofA
▼ + stars: | 2023-10-06 | by ( Samuel Indyk | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - The rout in the fixed-income market is causing the "greatest bond bear market of all time", Bank of America Global Research said in a note on Friday, as the peak-to-trough loss in the U.S. 30-year yield hit 50%. In its weekly "Flow Show" report, BofA said bond funds saw $2.5 billion in outflows in the week to Wednesday, citing EPFR data. BoFA's report showed that the current loss in 30-year bonds from the peak in the market in July 2020 to now far outpaces that of any previous bear market, making this one what it calls "the greatest of all time" and the "humiliation trade" right now is buying bonds. BofA said its "Bull & Bear indicator", dropped to a five-month low of 2.6 on poor equity breadth, outflows from emerging markets, high yield bonds and developed market stocks. BofA said it prefers to "sell the rips" in the upper half of S&P 500's (.SPX) range of 3,600-4,200 as they are "convinced the bear market has unfinished business".

Persons: Dado Ruvic, BofA, BoFA's, Michael Hartnett, Samuel Indyk, Amanda Cooper, Sharon Singleton Organizations: REUTERS, Bank of America Global Research, Equity, Thomson Locations: U.S, outflows

☆ Stocks have more room to fall as a recession, credit event lay ahead before the Fed eases policy, Bank of America warns
▼ + stars: | 2023-10-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

That's because a recession and credit event could be in store before the Fed eases monetary policy. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementStocks could have more room to fall, as investors face a possible recession and a credit event before the US central bank pulls back on its restrictive monetary policy, according to Bank of America strategists. In other words, the bank sees more turbulence ahead before stock market investors get their long-awaited dovish pivot from the Fed. Meanwhile, fund managers see a credit event as one of the top risks to the market, Bank of America found in a recent survey.

Persons: Stocks, —, Michael Hartnett, Jerome Powell Organizations: Bank of America, Service, New, Fed

☆ Think interest rates are high now? The Romans had it worse, a Bank of America chart shows.
▼ + stars: | 2023-10-03 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Bank of America charted the historical path of interest rates last week. Central banks have lifted borrowing costs away from "5,000-year lows" over the past year, strategists said. AdvertisementAdvertisementJust like the men of TikTok, Bank of America strategists have been thinking a lot about the Roman Empire. For reasons unknown, the bank decided to chart five millennia's worth of interest rates in a recent research note. AdvertisementAdvertisementNeedless to say, investors can probably take the chart with a grain of salt – but the strategists probably aren't being facetious when they say there are gloomy times ahead.

Persons: —, Sidney Homer, Richard Sylla's, Michael Hartnett, Hartnett, he's Organizations: of America, Service, Bank of America, Federal, of, Street Locations: TikTok, Roman, Greece

☆ CHART OF THE DAY: Falling job openings raise red flags for the stock market - 'Sell the last hike'
▼ + stars: | 2023-09-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

An ongoing decline in job openings is not a good sign for the stock market, according to Bank of America. Job openings have dropped 27% since their peak of 12 million in March 2022. The bank highlighted that since 2001, job openings and the S&P 500 have had a strong correlation. With job openings down 27% since their March 2022 peak of 12 million, that suggests the stock market is likely to follow. "Strong correlation between US job openings (labor demand) and stock market," Bank of America's Michael Hartnett said in a Friday note.

Persons: bode, Bank of America's Michael Hartnett, Hartnett, that's Organizations: Bank of America, Service, Bank of America's, Federal Locations: Wall, Silicon

☆ Top fund managers flee emerging markets in fear of a potential global crisis, new survey shows
▼ + stars: | 2023-09-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Top investors are dumping emerging market equities and buying U.S. stocks at a record pace due to concerns about a potential global crisis, according to Bank of America investment strategist Michael Hartnett. The BofA Global Fund Manager Survey showed that September saw a record jump in investor allocation to the U.S., and out of emerging market securities. The shift in asset allocation stemmed from a significant decline in China growth expectations. Bank of America's survey showed none of the respondents now expect a stronger economy in China, versus 78% when polled in February. Bank of America's survey showed investors see China real estate as the No.1 source of the next global credit event.

Persons: Michael Hartnett, Hartnett Organizations: Bank of America, Global, Survey, Bank of, People's Bank of Locations: U.S, China, Beijing, People's Bank of China

☆ Oil, the dollar, and the Fed still pose a triple threat to the US economy, Bank of America says
▼ + stars: | 2023-09-08 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Don't rule out a hard landing for the US economy just yet, according to Bank of America. Strategists led by Michael Hartnett warned that oil, the dollar, and the Federal Reserve all still pose a threat. Their gloomy outlook clashes with much of Wall Street, with top banks and the Fed itself having shelved their recession predictions. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Hartnett's team said the consensus view is that there's a 20% chance of a hard landing – but warned the trifecta of oil, the dollar, and the Fed each still pose an economic threat.

Persons: Michael Hartnett, that's, Goldman Sachs, Jan Hatzius, Susan Collins Organizations: Bank of America, Federal Reserve, Fed, Service, Federal, West Texas, Boston Fed Locations: Wall, Silicon, Brent, Russia, Saudi Arabia

U.S. Commerce Secretary Gina Raimondo talks to Chinese Premier Li Qiang during a meeting at the Great Hall of the People in Beijing, China Tuesday, August 29, 2023. "China is actively advancing its high-level opening-up and making efforts to provide a world-class, market-oriented business environment governed by a sound legal framework," he said. Asked what her message was to U.S. business in China, Raimondo said: "The message is to continue to do what you're doing. She is pressing China to take actions to improve business conditions. That sentiment was echoed by Jens Eskelund, president of the European Union Chamber of Commerce in China, who said "'uninvestible' is not a term we would use to describe China", instead describing it as "under-invested."

Persons: Gina Raimondo, Li Qiang, Andy Wong, Biden, Raimondo, Liu Pengyu, Michael Hart, Hart, Jens Eskelund, Chen Jining, Chen, Walt Disney, David Shepardson, Andrea Shalal, Nicoco Chan, Jason Xue, Joe Cash, Martin Quin Polland, Lun Tian, Laurie Chen, Sandra Maler, Robert Birsel Organizations: Commerce, of, People, REUTERS Acquire, Rights, . Commerce, U.S . Commerce Department, Global, American Chamber of Commerce, European Union Chamber of Commerce, chipmaker Micron Technology, Micron, Shanghai, Shanghai Disneyland, Walt, Shendi Group, Boeing, Thomson Locations: Beijing, China, Rights SHANGHAI, WASHINGTON, United States, Washington, Shanghai, U.S, New York

U.S. Commerce Secretary Gina Raimondo talks to Chinese Premier Li Qiang during a meeting at the Great Hall of the People in Beijing, China Tuesday, August 29, 2023. "China is actively advancing its high-level opening-up and making efforts to provide a world-class, market-oriented business environment governed by a sound legal framework," he said. Raimondo is in Shanghai on Wednesday for the last day of meetings before returning to the United States. Asked what her message was to U.S. business in China, Raimondo said: "The message is to continue to do what you're doing. Michael Hart, president of the American Chamber of Commerce in China, said businesses had been "very clear" in making their concerns known to the Chinese government.

Persons: Gina Raimondo, Li Qiang, Andy Wong, Biden, Raimondo, Liu Pengyu, Michael Hart, Hart, Chen Jining, Chen, Walt Disney, David Shepardson, Andrea Shalal, Chan, Jason Xue, Joe Cash, Martin Quin Polland, Tian, Sandra Maler, Robert Birsel Organizations: Commerce, of, People, REUTERS Acquire, Rights, . Commerce, Commerce Department, Global, American Chamber of Commerce, chipmaker Micron Technology, Micron, Shanghai, Shanghai Disneyland, Walt, Shendi Group, Boeing, Thomson Locations: Beijing, China, Rights SHANGHAI, WASHINGTON, United States, Washington, Shanghai, U.S, New York

☆ U.S. commerce secretary's China visit: Raimondo has the 'carrot and the stick,' says AmCham China
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. commerce secretary's China visit: Raimondo has the 'carrot and the stick,' says AmCham ChinaMichael Hart, president of the American Chamber of Commerce in China, discusses U.S. Commerce Secretary Gina Raimondo's China visit and explains why she's in an "interesting position."

Persons: Raimondo, Michael Hart, Gina Raimondo's Organizations: American Chamber of Commerce, U.S, Commerce Locations: China, Gina Raimondo's China

Aug 25 (Reuters) - Strategists at BofA Global Research see second-half "trouble" for technology stocks even as the sector took in its largest inflow in 10 weeks, the firm said in a note on Friday. BofA pointed to the correlation between a surge in central bank liquidity and the Nasdaq over the past 15 years. "We say tech = H2 trouble rather than era of new AI rules," BofA said in the note. In the latest weekly data, the tech sector saw a $2.3 billion inflow, its largest inflow in 10 weeks, BofA said. Emerging markets debt meanwhile lost out, BofA said, seeing the largest weekly outflow since the collapse of Silicon Valley Bank in March.

Persons: Michael Hartnett, BofA, Lewis Krauskopf, Dhara Ranasinghe, Alistair Bell Organizations: BofA, Research, Nasdaq, U.S . Treasury, Silicon Valley Bank, Thomson Locations: U.S, Silicon, New York, Amsterdam

☆ These 6 shocking twists show just how bad China's economy is right now, says Bank of America
▼ + stars: | 2023-08-19 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Growth is stagnating, stocks have plummeted, and youth unemployment has spiked. Six numbers sum up the economic carnage, according to Bank of America. Beijing has responded by cutting interest rates – and also stopped publishing unflattering youth unemployment figures in a desperate attempt to pretend everything's OK. The ongoing liquidity crises for real-estate behemoth Country Garden and shadow bank Zhongrong are one potential source of "event risk," he added. Here's six other data points Hartnett picked out that show just how badly the world's second-largest economy is doing right now:

Persons: China's, Michael Hartnett, Hartnett Organizations: Bank of America, Service Locations: Wall, Silicon, Beijing, China

☆ This one stock holds the key to the market and whether this August sell-off is something bigger
▼ + stars: | 2023-08-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

It's no secret that market leadership has become more concentrated over the years, but this is ridiculous. That one company is Microsoft , the behemoth with the $2.35 trillion market cap and, it seems, a position in the driver's seat on where the market goes next. In his weekly breakdown of money flows through the financial markets, BofA investment strategist Michael Hartnett said Microsoft needs to reassert itself or face dragging down the rest of the stock market. MSFT YTD line Microsoft as market leader That's why it holds such a pivotal position in determining how things go from here. Harnett noted that the equity put/call ratio has hit its highest point since the collapse of Silicon Valley Bank in March, "a bad sign if stocks can't hold hold here."

Persons: Michael Hartnett, Hartnett, That's, Yul Brynner, Brynner, Chris Adams, gunfighters, Harnett, swoon Organizations: Bank of America, Microsoft, Dow Jones, Silicon Valley Bank Locations: Thursday's, Silicon

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