Bank of America: If the US economy continues to cool down, US tech giants will face further pressure

Michael Hartnett, a strategist at Bank of America, stated that if the US economy continues to cool down, the upward trend of large US technology stocks may further fade. Investors will shift towards stocks that have lagged behind expensive tech giants this year. Recent data shows global economic weakness, with large tech stocks only a bad non-farm payroll report away from losing their dominant position. Tech stocks such as Apple, Amazon, Alphabet, Microsoft, Nvidia, and Meta Platforms have deviated, prompting investors to flock to small-cap stocks. Since July 10th, the market capitalization of the tech-heavy Nasdaq 100 index has evaporated by about $2.6 trillion. Hartnett mentioned that bullish investors still believe that the pullback is healthy