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LIVE MARKETS-Tech selloff not a "buy" signal

By Reuters News

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

TECH SELLOFF NOT A "BUY" SIGNAL

Thursday's selloff in tech-related stocks does not suggest a buying opportunity, according to David Bahnsen, chief investment officer at The Bahnsen Group.

Bahnsen says in a note that the selloff is driven by valuations that are disconnected from reality, and that even with the sharp declines on Thursday, valuations in the tech sector remain too high. The selloff, he says, is a reminder that the S&P 500 .SPX is too heavily concentrated in tech-related names.

He suggests that investors look for opportunities in defensive areas of the market instead, such as consumer staples and energy companies, which tend to have stable cash flows and a history of dividends.

Wall Street's selloff on Thursday, with the Nasdaq .IXIC set to confirm it was in a correction and the S&P 500 last down more than 3%, follows fears of tougher AI regulations after Democrats won control of US Congress in Tuesday's midterm elections.

(Caroline Valetkevitch)

EARLIER ON LIVE MARKETS:

SO LAME: WHAT TO EXPECT IN THE LAST DAYS OF A REPUBLICAN CONGRESS CLICK HERE

STOCKS DROP DAY AFTER ELECTION RALLY; NASDAQ DOWN 4% CLICK HERE

JOBLESS CLAIMS, CHALLENGER LAYOFFS, LABOR COSTS/PRODUCTIVITY: YOUR MOVE, OCTOBER JOBS REPORT CLICK HERE

NASDAQ, S&P 500 EMINIS DOWN EARLY; QUALCOMM, CHIPS FALL CLICK HERE

AS BRENT WOBBLES, OIL TRADERS PILE INTO BULLISH BETS CLICK HERE

BIOTECH DEALMAKING KEEPS ADDING UP CLICK HERE

FRENCH BOND ANGST COULD BOOST KNOTT'S ECB CANDIDATURE CLICK HERE

CONSUMER STOCKS PUSH STOXX CLOSE TO AUGUST PEAK CLICK HERE

BEFORE THE BELL: ROTATION OUT OF AI ROLLS ON AHEAD OF BOE CLICK HERE

GOLDILOCKS OR GRIDLOCK? CLICK HERE


Early snapshot https://fingfx.thomsonreuters.com/gfx/mkt/znpngrgzevl/Pasted%20image%201793887938525.png

snapshot late morning https://fingfx.thomsonreuters.com/gfx/mkt/znpngrgnyvl/Pasted%20image%201793896368128.png

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