Citigroup Upgrades US Equities on Tech Sector Strength
Citigroup upgraded US equities to Overweight citing tech sector strength and positive earnings. The brokerage downgraded emerging markets over energy concerns.
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CITIGROUP INC has officially turned bullish on equities in the United States, upgrading the asset class to Overweight from Neutral. The Wall Street brokerage cited resilient corporate earnings and the increasing dominance of the technology sector as primary drivers for the shift. This optimism comes as the SPDR S&P 500 ETF TRUST rebounded nearly 9% from its seven-month low recorded in late March.
