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Wall Street is feeling bullish as Bank of America's global fund manager survey pointing to cash levels having fallen to a 15-year low.
Yahoo Finance Senior Reporter Josh Schafer joins Morning Brief to discuss the latest Bank of America survey, highlighting that fund managers are moving away from the crowded Magnificent Seven trade — the group of tech stocks comprised of Alphabet (GOOG, GOOGL), Apple (AAPL), Nvidia (NVDA), Tesla (TSLA), Amazon (AMZN), Meta Platforms (META), and Microsoft (MSFT).
Instead, managers are now more focused on global equities, gold (GC=F), and small-cap US stocks. This shift could lead to a stock picker’s market with potential risks tied to market leadership and the Federal Reserve's stance on interest rates.
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This post was written by Josh Lynch