Investors should boost bets on financial stocks and cyclicals before Treasury yields rebound, Morgan Stanley says
- Date: 02-Nov-2020
- Source: Business Insider
- Sector:Financial Markets
- Country:user-top-picks
Investors should boost bets on financial stocks and cyclicals before Treasury yields rebound, Morgan Stanley says
A man crosses a nearly deserted Nassau Street in front of the New York Stock Exchange (NYSE) in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 3, 2020.
Mike Segar/Reuters
Stocks' downtrend has largely played out, and investors now have the chance to reposition for an uneven recovery, Morgan Stanley strategists said in a note on Monday.The US elections and surging COVID-19 case counts will keep volatility elevated for the near term, but rising Treasury yields are key to picking the market's next winners, the team said.Morgan Stanley expects the 10-year yield to rise after the election and "likely have a net negative impact on [price-to-earnings] ratios."Growth stocks and defensives will face the biggest hit from rising
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