The head of Fundstrat Research, Tom Lee, believes that Monday's market sell-off, particularly the double-digit drawdown in NVIDIA, is an overreaction and presents a great buying opportunity for investors. Despite NVIDIA experiencing its biggest single-day market cap loss in history, Nasdaq futures are now up 1% and NVIDIA is 5% higher in pre-market trading. Bitcoin also saw a drop but quickly recovered, and Lee suggests that bulls will aim to reclaim the $105,000 level in the short-term. Furthermore, Lee highlights the healthy market structure in U.S. equities and notes that bitcoin has outperformed small caps and financials so far this year. The upcoming Federal Reserve policy meeting on Wednesday also adds some uncertainty, with Lee suggesting that the market is too hawkish and focusing too much on a potential rate hike in 2025.



Other News from Today