Investor bets against tech reach highest point since 2006, Bank of America survey shows

Investors have grown even more fearful of tech stocks in May, slashing their allocations to the lowest level in nearly 16 years.

Investors have grown even more fearful of tech stocks in May, slashing their allocations to the lowest level in nearly 16 years, according to a closely watched Bank of America gauge. Professional investors responding to the bank's Global Fund Manager Survey indicated they had reduced technology to a net 12% underweight, a reduction of 23 percentage points on the month and the shortest position since August 2006.

Portfolio managers in the survey listed the general tightening climate among global central banks as the top "tail risk" threatening returns. That was followed by recession and risks from inflation. Other parts of the Bank of America survey reflect broad worries about the market's direction. Cash levels have risen to a 6.1% allocation, up from 5.9% in March and the highest allocation since the Sept. 11, 2001 terror attacks.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Selling Your Home? Here Are The Improvements Buyers Swoon OverSelling your home? Here are the improvements buyers swoon over:
Read more »

EUR/USD: Diminishing bets for a breakdown of 1.0340 – UOBLee Sue Ann and Quek Ser Leang, FX Strategists at UOB Group, noted that the probability of EUR/USD to break below 1.0340 seems to have lost momentum.
Read more »

Experts call for better tech regulation after America's violent weekend fueled by extremismExperts say misinformation shared online can act as 'weapons,' influencing already unhinged people to potentially commit future attacks.
Read more »

EUR/SEK points to 10.30 on a three-month view – RabobankAnalysts at Rabobank see the EUR/SEK pair moving back to 10.30 on a three-month view. They warn the forecast is dependent on developments around Russi
Read more »

2024 Chevrolet Equinox EV Shows Off Its High-Tech Interior In New Teaser Video | CarscoopsThe crossover will feature a digital instrument cluster, a widescreen infotainment system, and illuminated trim
Read more »