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Chris Hyzy CIO of BoA Private Bank - CNBC Interview
- The technology sector is being split into two, possibly three verticals heading into next year.
- Everyone expects an earnings downturn, and many numerical quantitive analysts are, too, but markets generally bottom before the earnings cycle bottoms overall.
- A broad part of the market outside of technology still has prospects of earnings decline, and that's a well-told story.
- The narrative is that the Broader market can't go up unless tech goes up too, but he doesn't think that is the case; when you step back and look at big names, 5 top market-weighted companies, and pull them out, the market it is reasonably priced at 15.7x, 16x.
- If the tech sector levitates on a 12-month basis, and you get earnings to decline outside of tech and consider the broader backdrop, you could have a solid year for equities and US markets.
- The essence of the next 3-5 months will see confusing mixed data, hawkish commentary from the central bank, no change to geopolitical risk, earnings likely to reset by companies and then followed by the analysts, rates coming down, and the bond market says we are in a rolling recession. I don't know if there's a washout, but there's one more bottoming process early next year.
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Markets will test new bottoms early next year, says BoA's Chris Hyzy
Chris Hyzy, Merrill and Bank of America Private Bank CIO, joins 'Closing Bell: Overtime' to discuss market outlook for Big Tech, growth and earnings. For acc...
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