The economy is set to avoid a recession, with earnings rising and stock valuations remaining steady, Goldman said.
The monthly survey showed investors hold the biggest overweight position in bonds since 2009.
The strategists expect S&P 500 earnings-per-share to rise 5% in 2024 to $237.
A soft landing would imply notable upside for equities, said this HSBC team.
Investors continue to pour billions of dollars into safe havens despite hearing more bullish language from some analysts.
Upcoming results will further reveal how companies have managed headwinds such as higher interest rates.
The bets against the tech sector reflect growing investor concern that interest rates will stay higher for longer.
U.S. consumer discretionary stocks have gained 26% this year.
The tech-heavy Nasdaq has slumped in August and is set for its worst month since December.
Flows into Treasurys this year are trending toward $206 billion.
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