Tech stocks may have been the play for 2023, but for next year Bank of America Securities likes their debt. The bank called investment-grade corporate bonds of technology companies one of its top 10 trades for 2024. “Own tech balance sheets, but not tech EPS in ’24,” investment strategist Michael Hartnett wrote in a Nov. 19 note. The “Magnificent 7” tech stocks — Apple , Alphabet , Amazon , Microsoft , Meta Platforms , Nvidia and Tesla — led the market higher this year. Nvidia, for instance, has skyrocketed a staggering 232% year to date, while Meta is up 190% so far this year. The tech-heavy Nasdaq has gained 42% year to date. Hartnett said his call on the bonds of big U.S. tech companies is a “great, underappreciated contrarian hedge” in a year that will likely see rate cuts from the Federal Reserve and either a “hard landing” or “soft landing” for the economy. “How do you position for unexpected events next year? A decent…
Tech corporate bonds are one of Bank of America’s top trades for 2024
Date:
More like thisRelated
Tampa RV giant Lazydays to delist from Nasdaq
Tampa-based Lazydays Holdings Inc., one of Florida’s most recognized...
Granite Geek: New Hampshire might get access to ‘balcony solar’
I had solar panels put on my roof six...
TSX Today: What to Watch for in Stocks on Monday, November 10
Despite firm gold and silver prices, Canadian stocks...
While BNB and DOT Struggle Under Market Pressure, BlockDAG’s Presale Soars Past $435M!
As market-wide fear grips the sector, the Binance Coin...