RBC has downgraded technology stocks from overweight to market-weight and shifted its exposure to healthcare, citing the risk of a market pullback of up to 10%. This move is particularly notable as technology stocks, combining the information technology and communication services sectors, represent nearly half of the S&P 500 index. It is a contrarian call, as Bank of America’s latest global fund manager survey shows investors are more overweight on tech than any other sector.
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