Markets are showing the characteristics of a bubble, given the record-setting surge by the technology sector’s so-called Magnificent Seven stocks and the all-time highs in cryptocurrencies. This from Bank of America Chief Investment Strategist Michael Hartnett, who laid out his case on Bloomberg TV. The S&P 500 has reached record highs 17 times this year, with artificial intelligence darling Nvidia soaring more than 80%. And Bitcoin hit an all-time high for the fourth time in six days this week, bolstered by massive inflows into US exchange-traded funds tied to the cryptocurrency. That’s a lot of froth. Still, markets were down on Thursday. Here’s the wrap.
The almost-daily trickle of information that could influence the US Federal Reserve one way or the other as to when it will start cutting rates continued today. Prices paid to US producers rose in February by the most in six months, driven by higher fuel and food costs, new…
