Investors' FOMO leads to overweight U.S. equities and bullish outlook for TMX Group, Cameco, and Finning.

Investors are now overweight on U.S. equities, according to Deutsche Bank analysts, with the U.S. equity weighting at the 64th percentile. The shift is noteworthy, as investors were aggressively underweight U.S. equities for months. The shift over the last two weeks was driven by discretionary investors, who had remained staunchly underweight until the end of May. Extreme positioning in either direction can be viewed as a contrarian indicator. The 2023 equity market rally has been seen sucking in bearish investors who had sat out the early part of the rally.