Wells Fargo Securities’ Chris Harvey is doubling down on his Big Tech warning, saying a “day of reckoning” is ahead.
He’s urging investors to take profits in light of risks associated with rising interest rates.
“The premium that you’re paying is still exceptionally high,” the firm’s head of equity strategy told CNBC’s “Trading Nation” on Friday. “We believe that premium has got to compress. Two, we think that the next 25 basis point move in the 10-year [Treasury Note yield] is… up not down.”