Money managers don't see a recession, and are betting big on equities — especially the Magnificent Seven.
Optimism is high on Wall Street at the mid-point of the year. Investors are the most bullish they've been since November 2021, according to the global fund manager survey released Tuesday from Bank of America Securities. Not only are portfolio managers not anticipating a recession, they're betting big on equities — especially the Magnificent Seven . Cash levels are at a three-year low. All appears to be well on the markets front.
However, the following year, in 2022, the broader index slumped more than 19%, driven by the Federal Reserve starting to raise interest rates, which sparked a correction in large-cap tech stocks. In fact, investors are concerned about the potential for greater volatility in the second half of 2024. The fund manager survey shows that inflation fears have eased in investors' minds, though it remains the top concern, while concerns over geopolitical risks and the U.S.
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