Billionaire David Tepper says stock market tumbled too sharply Monday — so now he’s ‘nibbling’

Billionaire David Tepper says stock market tumbled too sharply Monday — so now he’s ‘nibbling’

Hedge-fund star David Tepper says that the stock market’s violent Christmas Eve selloff has compelled him to “nibble” at beaten-down equities.

Speaking to CNBC’s Scott Wapner, Tepper stated the Dow Jones Industrial Average

DJIA, -1.95%

, the S&P 500

SPX, -1.81%

and the Nasdaq Composite Index

COMP, -1.16%

, which all tumbled within the early minutes of Monday buying and selling, “had a pretty good move” decrease.

According to tweet from Wapner, Tepper implied that he was opportunistically shopping for, or “nibbling,” amid the session’s drop.

Tepper stated the market “had a pretty good move” decrease earlier this morning and “[t]hought it was too much of a move …”

Stocks briefly got here off session lows, however the S&P 500 and the Dow are nonetheless buying and selling sharply decrease early Monday, even because the Nasdaq Composite

COMP, -1.16%

poked into optimistic territory.

U.S. stock-market buying and selling will wrap up for Monday at 1 p.m. Eastern and can be closed on Tuesday for Christmas.

Billionaire Tepper, one in all Wall Street’s prime hedge-fund all-timers, has been lower than bullish in latest months, saying this fall that he’d taken down his publicity to shares at Appaloosa Management, the place he manages some $14 billion.

Read: One of Wall Street’s most successful investors says a Fed stock-market lifeline is gone

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