BofA's Hartnett Sees Stocks Behaving Like a Bubble Is Imminent.

According to Bank of America Corp. strategists, the rush into technology stocks is reminiscent of the 1999 bubble, as investors assume that the economy will perform well despite tighter monetary policy. The Nasdaq's recent price action, with falling yields followed by a rise, is typically seen after a recession. The so-called Magnificent Seven technology stocks have led the Nasdaq 100 Index's surge, and investors continue to bet on big tech. However, Federal Reserve Chair Jerome Powell has pushed back on market expectations for a rate cut in March due to concerns about inflation. Bank of America's view on the rising dominance of tech stocks aligns with a warning from JPMorgan Chase & Co. strategists that the US equity market is resembling the dot-com bubble. [Extracted from the article]