Citi Downgrades Tech Sector, Upgrades Consumer Discretionary Sector

Some of the Magnificent Seven experiencing a fall from grace. With some uncertainty moving ahead, and a potential pullback from historic highs, Citi has downgraded the tech sector from Overweight to Market Weight, citing a broadening out of market gains , while upgrading the consumer discretionary sector to Overweight. Citi US Equity Strategist Scott Chronert joins Yahoo Finance to break down the calls for these sectors and take a look into how the market may perform moving forward.

Chronert elaborates on his position:"The market's evolving, the market's evolving away from the tech and cyclical leadership that we've had since early November. We think we're starting to see signs that the market is gradually positioning in favor of those parts of the market that should at the margin benefit from an eventual Fed pivot, consumer is front and center on that

Source: News Formal (newsformal.com)

Citi Tech Sector Consumer Discretionary Sector Market Gains Market Performance Fed Pivot

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