Jeff Christensen/Reuters
- Stocks are undergoing a leadership change, and "old economy" names will be the new winners, BofA says.
- Sectors like energy and commodities have seen underinvestment in recent year, and supply chain issues will push prices upward.
- These sectors are also trading at near-record discounts relative to the broader S&P 500, strategists said.
The market is undergoing a shakeup, and stocks rooted in the "old economy" are going to be the winners of the new cycle, according to Bank of America.
"Bear markets have historically resulted in leadership change, which suggests old economy sectors are likely the winners of this cycle," the bank's strategists said in a note on Wednesday.