Finance

Powerful rotation out of tech could start this month: Wells Fargo

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Wells Fargo Securities’ Chris Harvey is calling Big Tech’s recent outperformance a “head fake.”

In a recent note to investors, he wrote economically sensitive groups will overtake growth as a leading market driver, and the powerful rotation could happen as soon as this month. So, he’s urging investors who are overweight Big Tech to drop to market perform.

“Take some profits,” the firm’s head of equity strategy told CNBC’s “Trading Nation” on Friday. “It’s not that we hate tech. It’s just some of the tech companies are high growth, high risk, [and] high multiple.”

Meanwhile, Wall Street is coming off a positive month. The tech-heavy Nasdaq saw its sixth monthly gain in a row. It rallied…



Source cnbc.com

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