09:10:01 EDT Sat 15 Jun 2024
Enter Symbol
or Name

Bank of America CDR (CAD Hedged)
Symbol BOFA
Shares Issued 1,400,000
Close 2024-06-10 C$ 20.87
Market Cap C$ 29,218,000
Recent Sedar Documents

Post says BofA's Kwon sees Big Tech taking back seat

2024-06-11 09:23 ET - In the News

The Financial Post reports in its Tuesday edition that the unceasing growth of Big Tech has been an article of faith for investors since the latest stock market rally began in October, 2022. The Post's Jeran Wittenstein and Jessica Menton write, however, that with an uninspiring earnings outlook for the rest of 2024, other corners of the market will likely be in the spotlight. "To have a similar return for the market in the second half, you'd need to see broader participation," said Keith Lerner at Truist Advisory Services. Industries such as materials and health care are expected to have 25-per-cent profit growth by the fourth quarter after posting contractions of 20 per cent or more in the first quarter. "I think those sectors are starting to look pretty interesting, and I'm talking about energy, materials, consumer discretionary, industrials, financials," said Ohsung Kwon at Bank of America. That rotation already appears to be under way. At BofA, clients pulled almost $2.2-billion (U.S.) from tech stocks during the week ended May 31, the second-most going back to 2008. The biggest client inflows went to the consumer discretionary sector, up 1.9 per cent this year, the second worst performer in the S&P 500.

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