JPMorgan Trading Desk Says ‘Getting Close’ to Buy-the-Dip Opportunity
- Rotation out of technology sector may be ‘mostly done’: JPM
- Bounce depends on data including manufacturing, inflation
It’s a stark reversal from recent months, when technology shares were soaring as money flowed into high-flying shares.
Photographer: Michael Nagle/BloombergAs the selloff in global stocks intensified Monday, JPMorgan Chase & Co.’s trading desk said the rotation out of the technology sector might be “mostly done” and the market is “getting close” to a tactical opportunity to buy the dip.
The Nasdaq 100 Index fell as much as 5.45% following the 9:30 a.m. open in New York, after Japanese equities crashed the most in over a decade. Markets were extending last week’s declines, when a weak US jobs report ignited worries that the Federal Reserve isn’t moving fast enough to prevent a sharp downturn in the world’s biggest economy. A measure of volatility surged to the highest since 2020.