Michael Hartnett, Bank of America’s chief investment strategist, does not plan to return immediately to the stock market after this week’s steep decline. The S&P 500 fell 3%, while technology stocks dropped 6%. He believes investors should wait for three developments: central banks stopping policy tightening, the 10-year U.S. Treasury yield declining to 4.5%, and oil falling below $80 a barrel. Until these conditions are met, he will maintain his risk-off approach.
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