Hedge-fund star David Tepper says that the stock market’s violent Christmas Eve selloff has compelled him to “nibble” at beaten-down equities.
Speaking to CNBC’s Scott Wapner, Tepper said the Dow Jones Industrial Average
DJIA, -1.58%
, the S&P 500
SPX, -1.40%
and the Nasdaq Composite Index
COMP, -0.57%
, which all tumbled in the early minutes of Monday trading, “had a pretty good move” lower.
According to tweet from Wapner, Tepper implied that he was opportunistically buying, or “nibbling,” amid the session’s drop.
Tepper said the market “had a pretty good move” lower earlier this morning and “[t]hought it was too much of a move …”
David Tepper tells me that he’s been “nibbling”on some stocks today. Said market “had a pretty good move” lower earlier this morning. Thought it was too much of a move….
— Scott Wapner (@ScottWapnerCNBC) December 24, 2018
Stocks briefly came off session lows, but the S&P 500 and the Dow are still trading sharply lower early Monday, even as the Nasdaq Composite
COMP, -0.57%
poked into positive territory.
U.S. stock-market trading will wrap up for Monday at 1 p.m. Eastern and will be closed on Tuesday for Christmas.
Billionaire Tepper, one of Wall Street’s top hedge-fund all-timers, has been less than bullish in recent months, saying this fall that he’d taken down his exposure to stocks at Appaloosa Management, where he manages some $14 billion.
Read: One of Wall Street’s most successful investors says a Fed stock-market lifeline is gone
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Source : MTV
