Tom Lee Says Buy This Dip As Dow Jones Drops 631 Points

Fundstrat’s Tom Lee said Wall Street overreacted to Wednesday’s rate decision and called the sharp stock selloff a buying opportunity, not a warning sign. According to BeInCrypto, he expects cyclicals, financials, energy, technology and consumer discretionary stocks to lead any rebound after the Dow Jones Industrial Average fell 631 points, or 1.2%, to 51,461. Lee cited Goldman Sachs research on fading inflation pressures over the next two quarters. Dan Greenhaus of Solus Alternative Asset Management said the reaction looked overdone but argued the Fed should not have hiked rates.