U.S. Markets close in 1 hr 24 mins

This week's violent sell-off was a 'regime shift' to new leaders, not a market top, Tom Lee says

Kate Rooney

Fundstrat’s Tom Lee says this week's stock nosedive shows a changing of the guard when it comes to laggards and leaders. “Perhaps the best place to start is to look at the ‘musical chairs’ taking place at the style and sector level,” Lee says. Lee, former chief equity strategist at J.P. Morgan, still sees U.S. stocks as the “high-quality safety trade for global investors" and says the pullback is a good time to buy.