by Sagarika Jaisinghani
US technology heavyweights have attracted a flurry of bullish bets as optimism around the economic outlook overshadows trade concerns, according to Citigroup Inc. strategists.
Long positions in the technology-heavy Nasdaq 100 increased by more than in the S&P 500 last week, the team led by Chris Montagu wrote in a note. Exposure has been mainly driven by new bullish bets, while short bets steadily declined across indexes, they said.
“Flow activity has been largely one-sided, driven by new risk flows for large caps,” the strategists said. “While tariff policy issues remain a concern, investors have also been assessing the evolving macro backdrop.”
US stocks have rebounded after President Donald Trump paused some tariffs in April. Tech stocks have outperformed against the backdrop of robust corporate earnings and a resilient economic outlook.
The S&P 500 and the Nasdaq 100 are both now about 2% below their February record highs. A slate of Wall Street strategists including at Citi have raised their year-end targets for the S&P 500 in recent days, saying the worst shock from tariffs is likely over.
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