Citi: Tech Stock Euphoria Reaches Extreme Levels, Downgrades Semiconductors While Upgrading Consumer Discretionary

• Citi downgrades tech stocks as euphoria in the market reaches extreme levels according to its Levkovich Index • Software segment retains overweight rating, but semiconductors are downgraded to market weight and hardware is underweight • Consumer discretionary upgraded to overweight on strength in auto sector and retailers like Amazon • Financials at market weight with banks overweight but insurance underweight • Citi strategists warn that the current market rally may not be sustainable given high valuation levels