BlackRock just went from enthusiastic to politely cautious on US stocks. The firm reduced its overweight position in US equities from 3% to just 1%, a move that lands while major indices are trading near all-time highs.
From neutral to overweight and back down again
The timeline here tells an interesting story. Back in February 2026, BlackRock pivoted from a neutral stance to overweight on US equities. The logic was straightforward: geopolitical risks appeared contained, and corporate earnings looked strong, especially in the technology sector.
By April 2026, BlackRock reaffirmed that upgrade, citing resilient earnings growth in tech as a key driver. The firm pointed to AI-driven growth estimates of approximately 43% for the tech sector in 2026, a number that made the overweight call easy to justify.
Then something shifted. As US stocks continued climbing into record territory, the risk-reward math started looking less attractive. The response was a measured pullback: not a downgrade to neutral, not a sell signal, but a quiet reduction from 3% overweight to 1%.
