RBC将美股科技板块评级从超配下调至标配，称估值偏高、资金流入放缓

RBC Capital Markets has reduced its recommendation on the technology sector to market weight from overweight, citing stretched valuations after a period of standout gains. The move follows technology’s sharp outperformance relative to the broader market since late July, when it led all sectors. That advance has given way to recent softness, prompting the investment institution to reassess its stance in a note to clients. The primary catalyst is a weaker valuation signal. Technology’s median price-to-earnings ratio now sits modestly above its long-run average on both an absolute basis and relative to the overall market, using data that extend back to the late 1980s. Comparisons against the sector’s own long-term average and its five-year post-pandemic average similarly indicate elevated levels. Secondary considerations include a slowdown in inflows to global developed-market technology funds. While those flows have not turned negative, the moderation adds to the case for a more neutral posture. RBC’s shift reflects a view that technology’s recent leadership has left valuations less supportive, even as the sector retains its underlying growth characteristics. The firm’s assessment underscores the importance of price discipline after an extended period of relative strength. S&P 500 Funds: ( SPY ), ( VOO ), ( IVV ), ( RSP ), ( SSO ), ( UPRO ), ( SH ), ( SDS ), ( SPXU ), ( FXAIX ), ( VFIAX ), ( VFFSX ), and ( SWPPX ). Tech ETFs: ( VGT ), ( XLK ), ( IYW ), ( FTEC ), ( IXN ), and ( RSPT ).