Tech Stock Rally To Continue As Global Fund Managers Position For Soft Landing In 2024
Portfolio Pulse from Neil Dennis
The Bank of America's Global Fund Manager Survey for November indicates a bullish outlook for large-cap tech stocks into 2024, with fund managers increasing their positions in anticipation of a soft economic landing, lower interest rates, and a weaker U.S. dollar. The survey shows a net 38% long on big tech, with significant year-to-date stock price increases for Alphabet Inc. (GOOG/GOOGL), Microsoft Corp (MSFT), Intel (INTC), and Apple Inc. (AAPL). The dollar index's decline and a shift towards U.S. and Japanese equities are also highlighted.
November 14, 2023 | 4:26 pm
News sentiment analysis
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POSITIVE IMPACT
Apple Inc. (AAPL) has increased by 42% year-to-date, and the trend is likely to persist with the support of fund managers' increased tech allocations.
AAPL's impressive year-to-date performance, coupled with the bullish stance of fund managers, suggests a positive short-term impact on the stock.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Alphabet Inc. (GOOG) has seen a significant increase in its stock price, up over 10% since a three-month low at the end of October and 50% since the start of the year, as fund managers increase their tech holdings.
The positive sentiment from the BofA survey and the reported increase in stock price suggest a continued bullish trend for GOOG, supported by fund manager interest.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Alphabet Inc. (GOOGL) mirrors the performance of GOOG, with a similar increase in stock price and positive outlook from fund managers, indicating a potential continuation of the upward trend.
GOOGL, being the same entity as GOOG, is expected to follow the same positive trajectory due to increased interest from fund managers.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Intel (INTC) has seen its stock price rise by 44% year-to-date, and the positive sentiment from global fund managers could signal more upside in the short term.
INTC's significant price increase and the favorable outlook from fund managers suggest a potential for continued stock appreciation.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Microsoft Corp (MSFT) has experienced a nearly 53% increase in stock price year-to-date, with the BofA survey indicating a strong position among fund managers, suggesting continued growth.
The substantial year-to-date gains and the bullish sentiment from the BofA survey point to a positive short-term outlook for MSFT.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90