One of the biggest bulls on the Street thinks the market rally will broaden beyond tech in the second half

It's simply a matter of time before the current bull rally broadens beyond technology stocks, according to John Stoltzfus, chief market strategist at Oppenheimer. The technology sector has dominated the market runup this year, with the S & P 500 tech group outpacing all others by soaring 28% in 2024. In the same time, artificial intelligence darling Nvidia has more than doubled, climbing 149%. On the other hand, the Russell 2000 small-cap index has risen less than 1%.

Meanwhile, the market is also due to broaden as investors turn from high stock valuations and diversify thier holdings. Stoltzfus added that while he still likes the technology sector, he is also bullish on industrial stocks, which he said can be a tech-adjacent beneficiary. The strategist also favors the financial sector, which he said can benefit from a more normalized yield curve , as well as consumer discretionary stocks benefiting from still-strong U.S. consumer spending.

Source: News Formal (newsformal.com)

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