The stock market is about to get a signal to buy - and it's 'old economy' sectors like materials that will be worth a look, Bank of America says
Investors are sitting at the edge of a signal to buy stocks, and the best way to maneuver through the potential rush will likely be in the so-called"old economy," said Bank of America.
BofA upgraded the materials sector last week to overweight from underweight, citing capital and supply discipline. The sector, which has a nearly 3% weighting on the S&P 500, is also most exposed to China's reopening after its extensive COVID lockdowns. For its bull case in consumer staples:"No matter what, we still have to eat. Defensive. Benefits from consumers trading down," Subramanian said in an earlier note from February 21.
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