Wedbush Securities analyst Dan Ives said on Thursday investors should look to large-cap technology stocks and cybersecurity vendors amid the market selloff driven by Russia's invasion of Ukraine.
Global markets reeled Thursday as investors sought out safe havens, sending stocks lower and pushing up the price of oil, government bonds and gold. Wedbush Securities analyst Dan Ives said in a note Thursday that investors should focus on"oversold" tech stocks and cybersecurity companies as global markets sink afterTech names will likely see"significant pain" amid the selloff Thursday, Ives said. Investors continue to seek out safe havens, sending stocks lower, while pushing the price of oil, government bonds and gold higher. But, Ives says investors shouldn't panic, and should instead focus on large-cap tech stocks.
"While each geopolitical shock event is different and unique, our playbook since 2000 has been to use these periods of global chaos to buy the tech winners that we view as way oversold in a panic-like sell off," Ives said.