Bank of America: Buy these 22 stocks that will outperform as people look for ways to save in a recession that will push even high-income Americans to spend less
Stock market volatility and layoffs in industries like Big Tech are affecting wealthier Americans.The firm has picked the stocks it thinks will win — and lose — as customers cut their spending.
Although the job market is still hot, layoffs in Big Tech and other areas have also included an unusual proportion of high-earners as well. That means that in the coming downturn, people with higher income are more likely to trade down and cut back on spending than in the past.
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