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Wall Street analysts and strategists from firms like JPMorgan and Goldman Sachs are downplaying concerns of a bubble in US technology megacap stocks, including the 'Magnificent Seven.' JPMorgan noted that these stocks are now cheaper compared to the broader equity market than five years ago, citing recent earnings. Goldman Sachs highlighted the outgrowth of the US stock market in terms of earnings growth. Stock market concentration is not a new phenomenon, with analysts suggesting that the Magnificent Seven stocks are not overvalued, unlike cyclicals. Despite the market dominance of US equities and tech, Goldman strategists believe that this concentration does not necessarily imply a steep drawdown.
⚠️ COLUMN-PEAK U.S. STOCK CONCENTRATION DOESN'T MEAN STEEP DRAWDOWN: MCGEEVER Full Story → https://t.co/OKkU0TAC4U By some measures the U.S. stock market has not been this top-heavy in over 100 years and has just had one of its strongest rallies in decades, giving… https://t.co/7bWIRjP61X
JPM analyst vs JPM analyst: Kolanovic: The rush into stocks like the Mag Seven has typically been followed by a correction whenever it has occurred in the past. Mayejka: Tech earnings have been so strong that “these stocks could still hold out better than traditional cyclicals”
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