Famous U.S. stock market short seller: Bullish on non-tech sectors, as the market’s underlying logic is undergoing a profound shift
BlockBeats news, on July 13, renowned US stock short seller and Morgan Stanley Chief Strategist Michael Wilson and his team pointed out in their latest research report that the logic of the US stock market is undergoing a profound transformation: the baton of earnings growth is being passed from tech giants to a broader range of constituents.
In the S&P 1500 Composite Index, the median component's earnings per share (EPS) growth rate has surpassed 10%. Wilson believes that this "broad-based rally" pattern is primarily driven by the earnings resilience of midstream companies. Notably, the S&P 500 equal-weight index has started to outperform the market capitalization-weighted index for the first time since 2022. This means that while tech giants are surging ahead, traditional industries closely tied to macroeconomic growth are showing stronger defensiveness and growth momentum.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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