Hartnett Says Chip Prices May Guide Tech’s Mid-November Return

Bank of America Securities strategist Michael Hartnett said semiconductor prices will help determine whether investors return to technology stocks around mid-November. The bank’s bull-bear gauge has ended a sell signal, but Hartnett remains defensive and is not adding to technology shares. The gauge fell to 7.4 from 8.1, moving below the 8.0 threshold that marked a sell signal triggered May 26. Hartnett said the shift did not amount to a buy signal. He listed a Federal Reserve rate hike on Oct. 28 to restore credibility and easing concerns about artificial intelligence financing as conditions for taking on more risk. Neither condition had been met. Market expectations for an October rate increase fell from above 50% to 14%.

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