BofA Strategist Says Sell US Stocks as AI Seen Forming a Bubble
- Strategists recommend selling S&P 500 at 4,200 — current level
- Overall equity funds had weekly outflows, bonds saw inflows
Bank of America Corp. strategist Michael Hartnett reiterated his call to sell US stocks, saying tech and artificial intelligence are forming a bubble and the Federal Reserve’s rate hikes may not be over, with rising bond yields posing a risk.
Hartnett, who correctly predicted last year that recession fears would fuel a stock exodus, recommended selling the S&P 500 at 4,200 — the index’s current level.