The writer is chief investment officer at Julius Baer
With inflation decelerating and the American consumer remaining resilient, the bull market in US stocks is showing few signs of stalling even after the S&P 500 has risen 40 per cent from late 2022. Yet many investors are uneasy about the recent price action of the market leaders which have led this extraordinary rally, particularly the outperforming Magnificent Seven technology stocks.
It is true that from a technical point of view, the positioning of investors looks stretched and pockets of the US equity market are reaching overbought territory. However, observers making comparisons with the dotcom bubble are barking up the wrong tree.
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