Skye Gould/Business Insider
- Tech stocks sold off sharply last week but a chief strategist doesn’t think things will go much further south.
- Jonathan Bell of Stanhope Capital, said: “I would be saying to people that this is a bubble-type territory, but it doesn’t mean that it is going to deflate now.
- All US stock indices closed lower on Friday for a consecutive session driven by the tech-sell off.
- Bell said investors should trim holdings in big tech stocks and not be overly allocated.
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Tech stocks are definitely in a bubble, based on the sizzling rally so far in 2020, but it will take a while to burst, a chief strategist said.
Jonathan Bell, chief investment officer at Stanhope Capital told CNBC’s “Street Signs Europe” Monday: “I think we are certainly in bubble territory.”
Bell’s comments come days after a sell-off