Nasdaq to tumble below 3,800: Scott Miner
Technology stocks will tumble further this year as investors flee to safety and buyers stay on the sidelines, according to Scott Minerd, chief investment officer for Guggenheim Partners LLC.
The Nasdaq Composite Index will probably drop below 3,800, sliding another 13 percent, he said. The tech-heavy index already has fallen that much this year, closing at 4,363 on Friday, its lowest since October 2014. That's more than 16 percent below the all-time high it reached in July. "The market sentiment is so bad," Minerd, who manages about $240 billion, said Sunday in a telephone interview from Los Angeles. "The market is repricing to absorb and reflect the uncertainty around earnings and the economy going forward." Nasdaq growth stocks such as Amazon.com Inc. and Netflix Inc., the biggest gainers in 2015 on the Standard & Poor's 500 Index, face new scrutiny amid doubts about their high price-earnings ratios and broader economic concerns, driven by China and oil.