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Citi downgrades U.S. stocks, saying higher rates will pressure tech shares

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A trader works ahead of the closing bell on the floor of the New York Stock Exchange (NYSE) on April 12, 2019 in New York City.
Johannes Eisele | AFP | Getty Images

Citigroup's global strategy team believes rates will rebound going into 2022, pressuring equity valuations and growth stocks. The bank on Wednesday downgraded the U.S. stock market to neutral because of the region's dependence on Big Tech stocks that could be under pressure.

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