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Analysis: Fund managers see value, cyclical stocks running further despite slow U.S. jobs recovery
[Reuters] While some technology stocks got a boost Friday after a disappointing U.S. jobs report, some portfolio managers say that blow-out earnings from several large technology companies over the last few weeks are not enough to keep making outsized bets on the sector.Instead, those fund managers say that they are continuing to rotate into value and cyclical stocks - whose fortunes are closely tied to economic conditions - in anticipation that the economic recovery will be longer and more gradual than originally anticipated. The notion that the U.S. jobs recovery has not yet peaked was reinforced by data from the Labor Department on Friday that showed U.S. employers hired far fewer workers than anticipated. The lower-than-expected job gains are likely to keep the Federal Reserve's accommodative measures in place for an extended period, economists said. Posted by: Besoeker 2021-05-08 |
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