--- title: "Commodities Surge 35% As BofA Flags Shift From Stocks In Anything But Bonds Trade" type: "News" locale: "en" url: "https://longbridge.com/en/news/282377571.md" description: "Bank of America strategist Michael Hartnett indicates a potential shift in market dynamics, with commodities surging 35% since early 2025, outpacing the S&P 500. This trend reflects a growing preference for commodities as a hedge against inflation and geopolitical risks, while bond markets may face intermittent rallies. Key factors include supply chain security and demand for critical resources amid geopolitical tensions. Hartnett suggests that commodities will play a central role in investment strategies, alongside international equities and sectors benefiting from AI spending." datetime: "2026-04-10T18:29:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282377571.md) - [en](https://longbridge.com/en/news/282377571.md) - [zh-HK](https://longbridge.com/zh-HK/news/282377571.md) --- # Commodities Surge 35% As BofA Flags Shift From Stocks In Anything But Bonds Trade The tone in markets may be starting to tilt. Bank of America strategist Michael Hartnett suggests commodities could be positioning for a stronger run into the back half of the decade, as investors continue to lean into the anything but bonds trade. While equities have led flows in recent years, Hartnett indicates that leadership could rotate, with commodities potentially emerging as the preferred hedge against inflation pressures, geopolitical uncertainty, and a softer dollar environment. Hartnett points to a backdrop shaped by fiscal excess and persistent macro imbalances, which could limit the scope for a sustained bull market in government bonds. Instead, bond markets may experience intermittent rallies rather than a durable uptrend. At the same time, geopolitical developmentsfrom tensions in the Middle East to the intensifying artificial intelligence raceare reinforcing the importance of supply chains and access to critical resources. Governments are increasingly focused on securing energy supplies and key inputs such as rare earth minerals, which remain essential for both industrial output and advanced technology manufacturing. Recent market performance may already reflect this shift in positioning. The Bloomberg Commodity Index has climbed 35% since the start of 2025, more than doubling the return of the S&P 500 over the same period, while Treasuries have gained less than 7%. Oil prices have risen sharply amid supply disruptions linked to geopolitical tensions, while metals including gold, silver, and copper have been supported by central bank demand and the expansion of AI infrastructure. Hartnett adds that commodities could remain central to the investment narrative, with broader positioning also favoring international and small-cap equities, alongside near-term trades such as yield curve steepeners, Chinese technology exposure, and selective allocations to consumer and semiconductor names tied to ongoing AI spending. ### Related Stocks - [DBB.US](https://longbridge.com/en/quote/DBB.US.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [CPER.US](https://longbridge.com/en/quote/CPER.US.md) - [COM.US](https://longbridge.com/en/quote/COM.US.md) - [KGC.US](https://longbridge.com/en/quote/KGC.US.md) - [COPJ.US](https://longbridge.com/en/quote/COPJ.US.md) - [COPX.US](https://longbridge.com/en/quote/COPX.US.md) - [ICOP.US](https://longbridge.com/en/quote/ICOP.US.md) - [518850.CN](https://longbridge.com/en/quote/518850.CN.md) - [IAU.US](https://longbridge.com/en/quote/IAU.US.md) - [BAC.US](https://longbridge.com/en/quote/BAC.US.md) - [600547.CN](https://longbridge.com/en/quote/600547.CN.md) - [PSLV.US](https://longbridge.com/en/quote/PSLV.US.md) - [SIL.US](https://longbridge.com/en/quote/SIL.US.md) - [159562.CN](https://longbridge.com/en/quote/159562.CN.md) - [AGQ.US](https://longbridge.com/en/quote/AGQ.US.md) - [GOLD.US](https://longbridge.com/en/quote/GOLD.US.md) - [GDXJ.US](https://longbridge.com/en/quote/GDXJ.US.md) - [SILV.US](https://longbridge.com/en/quote/SILV.US.md) - [SLVP.US](https://longbridge.com/en/quote/SLVP.US.md) - [GDX.US](https://longbridge.com/en/quote/GDX.US.md) - [COPP.US](https://longbridge.com/en/quote/COPP.US.md) - [GBUG.US](https://longbridge.com/en/quote/GBUG.US.md) - [SLVR.US](https://longbridge.com/en/quote/SLVR.US.md) - [PDBC.US](https://longbridge.com/en/quote/PDBC.US.md) - [ERO.US](https://longbridge.com/en/quote/ERO.US.md) ## Related News & Research - [ROI-Copper's tariff dislocation risks becoming structural split: Andy Home](https://longbridge.com/en/news/294302765.md) - [Bank of America (BAC) Stock Looks Like A Bargain Below Fair Value](https://longbridge.com/en/news/293827125.md) - [Bank of America lifts Umicore stake above 3% to 3.04%](https://longbridge.com/en/news/294234860.md) - [Bank of America declares R$ 0.27 per unit dividend, payable Oct. 1](https://longbridge.com/en/news/293951109.md) - [Gibbs Wealth Management Increases Stake in Bank of America Corporation $BAC](https://longbridge.com/en/news/293721156.md)