BlackRock, the world's largest fund manager, has changed its view on bonds for the first time in six years and lowered its rating on U.S. stocks. Treasury yields are hovering at two-decade highs, and tech is set to continue selling off after a slump in Korean chip stocks.
BlackRock has changed its mind on bonds for the first time in six years, according to MarketWatch. The firm also lowered its rating on U.S. stocks.
The BlackRock Investment Institute says it is time to take advantage of rising bond yields. Meanwhile, Treasury yields across the maturity curve are hovering at two-decade highs.
Tech has been the main driver behind the S&P 500's bull market, which has entered year four. The index carved out much of its 14% gain this year in the spring, bouncing off April lows.
It has been a grind since. The S&P 500 is up around 2.6% between June and Monday's close of 7,807.
Earnings season kicks off Tuesday with big banks in focus. Tech, however, is stealing the spotlight, with the sector set to continue selling off following a slump in Korean chip stocks.
Source: MarketWatch (snippet-based)
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