Billionaire "bond king" Bill Gross told investors to avoid tech stocks and stick to value stocks. Microsoft is the only buy if investors must dabble in the tech sector, he said. Gross also questioned the rationale for owning bonds. Yields spiked Thursday after the GDP report.

Bill Gross offered some advice to investors as Treasuries and equities slumped Thursday after some worrisome US economic data: “Stick to value stocks, avoid tech for now.”Most Read from BloombergUS Economy Slows and Inflation Jumps,

The combination of these two data points has caused bond veteran Bill Gross to make the argument that the "pivot party" (a term coined by Emily Roland of John Hancock Investment Management) has ended.