Guggenheim's $240 Billion Man Says Nasdaq to Tumble Below 3,800
- Scott Minerd predicts a bear market similar to 1987 or 1998
- He sees the index, down 13% this year, falling that much again
Why Tech Shares Plunged in U.S. Trading
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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.