Hartnett Says Chip Prices May Guide Tech’s Mid-November Return
Photo: TokenPost
Bank of America Securities strategist Michael Hartnett said semiconductor prices will help determine whether investors return to technology stocks around mid-November. The bank’s bull-bear gauge has ended a sell signal, but Hartnett remains defensive and is not adding to technology shares. The gauge fell to 7.4 from 8.1, moving below the 8.0 threshold that marked a sell signal triggered May 26. Hartnett said the shift did not amount to a buy signal. He listed a Federal Reserve rate hike on Oct. 28 to restore credibility and easing concerns about artificial intelligence financing as conditions for taking on more risk.
Source: TokenPost
