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The US equity market will continue to rely on a handful of megacap stocks for direction until an uptick in real interest rates ignites recession fears, according to Bank of America Corp. strategists.
The team led by Michael Hartnett noted that the 10-largest US stocks combined have reached a record 34% of the S&P 500 Index market capitalization, while the top 10 global stocks have reached a record 23% of the MSCI All-Country Word Index’s.
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