Jeffrey Saut, Chief Investment Strategist at Raymond James, says there may be a pullback coming but it could be a buying opportunity.
The S&P 500 index is having its worst day since June on higher interest rates and disappointing earnings. Jeffrey Saut, Chief Investment Strategist at Raymond James, says there may be a bigger pullback coming but believes it could be a buying opportunity.
The benchmark S&P 500 fell more than 1% while as yields on the US 10-Year Treasury bond briefly broke above 2.8%. On top of that, large companies in disparate sectors have indicated there may be tough economic times ahead.
Tech giant Cisco said today it will be slashing 4,000 in anticipation of slower sales growth. In retail, the world’s largest retailer, Wal-Mart, surprised Wall Street when it reported a 0.3% decline in same-store sales. Higher-end Macy’s reported lower-than-expected sales and profits.
Looming over the marketRead More »from Top strategist: Brace for a bigger sell-off