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NEW YORK :
Too many buyers have piled into U.S. know-how stocks, making the sector the most “crowded trade” of all time and tough to unwind, whereas a tech bubble is the most important threat after an anticipated second wave from the COVID-19 pandemic, a BofA Securities survey of fund managers stated on Tuesday.
Institutional buyers are “rotating” into cyclical stocks and never “chasing” momentum for the reason that rally from March lows, whereas a majority now say there is a new bull market in comparison with one-quarter in May, the survey discovered.
A reputable COVID-19 vaccine will most possible set off increased bond yields, 41% of respondents stated within the survey carried out Sept. three by means of Sept. 10, whereas 37% stated they count on a vaccine announcement within the first quarter of 2021.
There had been 199 respondents to the worldwide survey and 90 who responded to a regional survey, Bank of America stated.
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