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Bank of America Declares Stock Rally Over as Investors Shift to Bonds and International Markets
Bank of America Declares Stock Rally Over as Investors Shift to Bonds and International Markets
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Bank of America strategist Michael Hartnett pronounced the recent stock market rally finished, attributing its brief surge to tariff-cut Optimism in Q2. The S&P 500’s 14% April gain—sparked by Trump’s tariff pause—failed to offset a 3.7% year-to-date decline. Hartnett’s note on May 8 emphasized the classic trader adage: ’Buy the expectation, sell the fact.’
Global markets now overshadow U.S. equities, with Hartnett favoring bonds and international assets. He framed American markets as trapped in a ’late-stage structural bear market,’ coinciding with investor withdrawals following Trump’s UK trade deal signing. Bank of America’s data corroborates the pivot away from risk assets.
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