A sharp rally since April’s lows has fund managers more convinced than ever that U.S. equities are overpriced, with a record share calling valuations excessive while crowding back into the “Magnificent Seven trade.”
- The MAGS ETF has rallied 54% since April’s lows. Check the chart here.
Bank of America’s August Fund Manager Survey shows 91% of participants now see US stocks as overvalued — the highest reading since the poll began in 2001, up from 87% in July.
“Long Magnificent 7” — the group of mega-cap tech leaders including NVIDIA Corp. (NASDAQ:NVDA), Microsoft Corp. (NYSE:MSFT), Apple Inc. (NASDAQ:AAPL), Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META) and Tesla, Inc. (NASDAQ:TSLA) — reclaimed the title of …