Wednesday, June 23

Bank of America says dump tech and buy industrials following Democratic sweep

Traders work on the floor of the New York Stock Exchange.


(This story is for CNBC Pro subscribers only).

The victories by Democrats in Georgia mean that investors should make a change to their sector allocations as the Biden administration’s policies become more clear, according to Bank of America.

The firm said in a note to clients Thursday that it was cooling on the tech sector and becoming more bullish on industrials as the Democrats gain control of the Senate. NBC News projects that Rev. Raphael Warnock and Jon Ossoff have won the Senate runoffs in Georgia, giving the Democratic party narrow control of both houses of Congress.

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