Bank of America advierte que las señales de mercado bajista en las acciones estadounidenses se activan de manera masiva

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Golden Finance report, June 9th, Bank of America Securities stated that investors should remain cautious about U.S. stocks, as increasing bear market signals indicate the market is approaching a top. The strategist team led by Savita Subramanian wrote in a report dated June 5th that approximately 70% of bear market signals have already been triggered, consistent with the average level during historical market tops. The S&P 500 index shows that 17 out of 20 valuation metrics indicate "statistically significant overvaluation," with 8 metrics even exceeding levels seen during the tech bubble period. Additionally, high P/E stocks have significantly outperformed undervalued stocks, which strategists see as a sign of "excessive speculation." Within the tech sector, the gap between the best and worst quintiles has widened to its highest level since February 2000. The strong performance of the S&P 500 "has masked intense internal divergence," with the return gap between the top 10% and bottom 10% of index components over the past three months reaching its highest post-pandemic level. Some tech stocks remain fundamentally healthy; however, Subramanian pointed out: "Cash flow conversion rates have stagnated, the supply of investment-grade bonds and stocks has increased, stock buybacks as a proportion of market value have declined, and capital expenditure by mega cloud computing companies is expected to approach 100% of operating cash flow by the end of the year, up from 40% in 2023."
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