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As COVID-19 vaccines rolled out, a resurgence of cyclical stocks drove a massive rotation out of growth stocks in the first quarter. Investors took profits in growth stocks to buy beaten-down cyclical stocks, pushing the latter towards pre-pandemic levels. With the big shift having taken place and little growth ahead, recent market activity is signalling that the cyclical rally may soon fizzle. Going forward, the tug-of-war between cyclicals and secular growth stocks should end as both start playing on level ground.
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