Market correction not a surprise, sell-off is chance to buy

Tom Lee is not surprised U.S. stock indexes have been rattled by the recent rise in bond yields, but sees Thursday’s pullback as an opportunity for long-term investors.

“It’s been rocky, and stocks are due for corrections, and I don’t think we should be surprised that it’s been bumpy,” the co-founder of Fundstrat Global Advisors said on “Closing Bell.” 

Lee’s comments came after the tech-heavy Nasdaq Composite declined 2.1%, falling into correction territory on an intraday basis as it’s down over 10% from its recent-52 week high. The Nasdaq also entered negative territory for the year.

The S&P 500 finished lower by 1.3% Thursday while the Dow Jones Industrial Average dropped 345.95 points, or 1.1%. The 30-stock Dow had sank over 700 points at one during Thursday’s volatile session.