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Capital Market Outlook

November 18, 2019

November 18, 2019


  • Macro Strategy Dueling Innovation Ecosystems — With the U.S.-China trade and technology conflict top of mind for many investors, it is prudent to assess the state of U.S. innovation leadership: Is the U.S. still leading China in technological innovation?
  • Global Market View — Technology Sector Leading Market Advance, But Gains Not Extended — Information Technology last week surpassed Consumer Discretionary to become the top-performing sector in the S&P 500 during the post-crisis period. But gains in the sector do not appear overextended.
  • Thought of the Week — Global Bull Indicator: The Chinese Consumer Is Currently Doing Just Fine — China’s “Singles’ Day” was a blowout, with the 24-hour online retailing shopping bonanza tallying $38.3 billion this year, a 25% lift on sales a year ago.

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Important Disclosures


Opinions are those of the author and are subject to change.


This material was prepared by the Chief Investment Office (CIO) and is not a publication of BofA Merrill Lynch Global Research. The views expressed are those of the CIO only and are subject to change. This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill or Bank of America entity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.


Global Wealth & Investment Management (GWIM) is a division of Bank of America Corporation. The Chief Investment Office, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM.


Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.


All recommendations must be considered in the context of an individual investor’s goals, time horizon, liquidity needs and risk tolerance. Not all recommendations will be suitable for all investors.


Investments have varying degrees of risk. Some of the risks involved with equity securities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. Investments in a certain industry or sector may pose additional risk due to lack of diversification and sector concentration.


Bank of America, Merrill, their affiliates and advisors do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.


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