The post Citi Wealth chief bullish as top tech stocks pull back appeared com. Citigroup’s wealth-management division is maintaining a cautiously optimistic view on the long-term prospects of the tech sector. Head of Wealth at Citi, Andy Sieg says the bull market still looks strong because investors remain calm, even as the stocks of big tech companies decline. The S&P 500 is down approximately 2% this month, and investors have begun questioning AI company stocks due to their unstable prices. Big tech companies lost value, and Nvidia initially rose, but then dropped before things improved slightly. The backdrop for Citi’s cautious optimism is a sharp downturn in major tech names this month. The S&P 500 is down nearly 4. 4%, on pace for its worst November since 2008, as AI-related stocks undergo a broad reassessment. Nvidia, once a poster child for the AI boom, has fallen around 11% in November, despite delivering strong quarterly earnings. Other heavyweight tech names are under pressure too Microsoft and Amazon declined following downgrades and mounting concerns over lofty valuations. On November 19, the S&P 500 recorded its fourth straight session of losses, slipping 0. 8%, while the tech-heavy Nasdaq fell 1. 2%, highlighting just how much investor sentiment has turned. Citi Wealth is growing because rich clients are putting in more new money than ever before Andy Sieg said many rich clients don’t want to lose money now that the market is uncertain, so they use investment products like structured notes to prevent big losses and still make a profit. He explained that the bull market still has room to grow because investors aren’t buying stocks recklessly just because the prices have dropped, as expected when a market boom comes to an end. Sieg joined Citi in 2023 from the Bank of America and wants the bank to stop focusing on simply giving business loans and turn towards helping clients grow and. Continue reading Citi Wealth chief bullish as top tech stocks pull back→
