set record highs last week, but on Thursday both indexes posted their biggest one-day loss since August 2011.
The steep sell-off comes as investors respond to growing concerns about the coronavirus' economic impact. Saut said he believes investors do not need to panic and urged them to use caution. He said he thought there would be 'pretty darn good support for equities" in the S&P around "2800, 2900."Saut said he thought the market was oversold and believed his long-term models would still indicate it remains a secular bull market."5G is coming and you can't put the genie back in the bottle, and the stock has been beaten up a lot," he said.
Qualcomm shares closed Thursday down 4.67% at $75.94, which is 21% off its 52-week high of $96.17. It reached that level in January.
Pro What’s the big deal? The World is coming to an end! TheEndisNear
Pro Good opportunity to get in the market and sell 3 months post the virus 👽inshallah 🎩
Pro Jeff who?
Pro Not good to call a presser re the markets at WH today. Esp after yest.Line up Dimon & Schwarzman to speak tomorrow after close-like Bob Farrell on Black Mon Oct ‘87. Was chief economist at Merrill & had a reassuring demeanor. Risk off makes too much sense anyway MarketJitters
Pro New: 'Man believes he is fortune teller, no one willing to let him know he cannot predict the future.'
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