Tech stocks' superb 2023 is about to be shattered by a recession, Bank of America warns

• Tech stocks have enjoyed an impressive run so far in 2023, with the Nasdaq surging 18%.
• But that rally could be "cracked" by a US recession, according to Bank of America.
• The Federal Reserve is also unlikely to stop hiking interest rates anytime soon, a team led by Michael Hartnett warned.

This year's sizzling rally in tech stocks could be stopped in its tracks by a recession, a Bank of America strategist has warned.

Michael Hartnett – who correctly called last year's selloff – said in a research note Friday that he expects a "recession to crack credit and tech as in '08," referring to the economic slump that dragged down stocks after the global financial crisis.