Mag 7 Becoming "Utilities," Not Growth Names

Ahmed Riesgo argues that the Saudis are “purposefully flooding the market” with oil to aid the Trump administration by driving down the price of oil and pressure Iran and Russia. He thinks Moody’s downgrades of U.S. credit is “15 years late to the party.” The U.S. “doesn’t deserve a triple-A rating,” he adds, with no sign of the country curbing its spending anytime soon. He expects the Mag 7 to “evolve into” utilities and defensive plays, rather than growth names.

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