‘Everybody’s pretty bulled up,’ strategist says, with tech no longer at the top

As investors look towards a more bullish stock market, one asset management strategist says that “fundamentals seem to matter again,” with the energy sector continuing to see an upward trend and technology no longer at the top of the leaderboard.

“It’s not just technology anymore — actually, technology is kind of in the middle of the pack,” said  David Nelson, chief strategist at Belpointe Asset Management, in an interview with BNN Bloomberg on Tuesday. 

“When was the last time you saw financials on the leaderboard? Energy is now the number two sector with a bullet,” he added. 

Nelson pointed to the underperformance of Apple Inc., which struggled in 2024, with shares declining 12 per cent this year, compared with a gain of 7.42 per cent for the Nasdaq 100 Index, according to Bloomberg News.