Treasury Market Is Driving the New Hot Trade in U.S. Equities
- Bond yields are spurring analyst calls to buy financial stocks
- Wells Fargo, Bank of America favor banks over utilities shares
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Equity strategists on Wall Street are all rates traders now.
As earnings from America’s biggest banks continue to roll in, a macro backdrop favoring global growth and higher rates -- not the bottom-line results -- is inspiring analysts to amp up bullish calls on financial stocks and suggest caution on utilities.