Analysts at Deutsche Bank's multi-asset strategy team downgraded their rating on US tech and large-cap growth stocks (MCG & Tech) from "overweight" to "neutral" in a report published on October 9. The analysts believe that the rally in US tech stocks, which began on July 29, has outperformed the broader market by 18.1 percentage points over 52 trading days, but the current market has peaked, and the recent risk-reward is no longer attractive. The bank's historical data tracking shows that tech stock rotations typically exhibit an "inverted V-shaped reversal," and once they peak and decline, the relative downside can be as much as 16 percentage points. The analysts noted that current tech stock positioning remains significantly overweight, while other sectors such as financials, industrial cyclicals, materials, and consumer staples are generally underweight. They expect capital to flow into these non-tech sectors, improving market breadth.