The Dow Jones Industrial Average rose 260 points as investors rotated out of technology and into banking and energy stocks, such as Goldman Sachs and Chevron.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribebefore the November election due to political considerations. "Generally the Fed wants to stay out of politics," Rubenstein told CNBC's Andrew Ross Sorkin on ".
After months of complaints from investors about Wall Street's rally being too narrow and overly reliant on a handful of technology stocks, the market appeared to take a step toward broadening out. Theto broader economic concerns. "The pullback is coming out of a macro level. People are worried about the consumer side, where the economy is headed, and they're doing some profit-taking ahead of summer," Wang explained. "I would buy on the dip.
Wang has a price target of $200 for Nvidia, representing an almost 70% upside from Monday's close. During an interview with CNBC's "Squawk Box," he outlined. This lack of volatility has been attributed to investor caution, with many sitting on the sidelines concerned that the market and stocks may have already gotten ahead of themselves.
Bank of America chief equity technical strategist Stephen Suttmeier believes there's a lot of cash sitting on the sidelines but investors are concerned we are in an " "I think the market is continuing to run-up because not enough people are on board with it," Suttmeier told CNBC's "" on Monday. "We've been staying overbought...and people hate chasing overbought markets, and I think that's the reason overbought markets continue to grind higher.
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