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BofAS Warns US Stocks Near Peak, Advises Investors to Take Profits; S&P 500 Year-end TP at 7,100
BofAS said an increasing number of "bear market signals" have emerged, indicating that US equities are nearing a peak. Investors should take a cautious view on US stocks and consid...
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BofAS Warns US Stocks Near Peak, Advises Investors to Take Profits; S&P 500 Year-end TP at 7,100
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BofAS said an increasing number of "bear market signals" have emerged, indicating that US equities are nearing a peak. Investors should take a cautious view on US stocks and consider taking profits first. Recently, about 70% of bear market signals have been triggered, in line with the average levels seen at previous market peaks. At the same time, high price-to-earnings stocks have significantly outperformed low price-to-earnings stocks, which the bank views as a sign of excessive speculation. The bank set a year-end target of 7,100 for the S&P 500 Index. Overnight (8th), the S&P 500 Index closed at 7,405, up 21 points or 0.3%.

The bank noted that within the technology sector, the performance gap between the top and bottom quintiles of stocks has reached the widest level since February 2000. The strong performance of the S&P 500 Index has masked sharp internal divergences. Over the past three months, the return gap between the top and bottom deciles of index constituents has surged to a post-pandemic high. (mn/a)

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