This pullback was long overdue: Strategist

Stocks experienced a wild week, seeing a sell-off early in the week, but overall ending the week relatively flat. Laffer Tengler Investments CEO & CIO Nancy Tengler joins Yahoo Finance to discuss recent market volatility.

"This was a great opportunity to add to some high-quality names and in addition, we get a correction one way or another every 12 months and so this was long overdue," Tengler says. "I'm not sure it's over by the way," Tengler adds. However, she thinks that stocks will recover due to the influence of generative AI on the economy.

Watch the video to hear Tengler's take on Nvidia (NVDA).

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Mariela Rosales.

Video transcript

Tech stocks, outperforming the broader market today.

Cap a wild week on Wall Street, but the NASDAQ did extend its losing streak to forest rate.

Joining us now is Nancy Tanger Laffer Tangle Investment Ceo and Chief Investment Officer Nancy.

It's good to see you.

It was interesting, Nancy because we went into the weekend here, relative sense of calm and I feel like we kind of earned it.

It was a wild week is Monday was right across the screen.

Nancy, you heard it, the growth scare got people calling for emergency cut and now relative calm.

What did you make of the week, Nancy?

You must have been fielding phone calls from your clients.

What were you telling them?

Well, what I'm gonna tell you, Jo, thanks so much for having me back.

Um that this is a long term secular tailwind behind technology and you know, it sort of started when alphabet reported earnings and said their Capex budget was gonna go up.

But remember that one company's Capex budget is another company's revenue growth.

So it matters where you're positioned in this market.

But I thought this was a great opportunity to add some high quality names.

And in addition, we get a correction one way or another about every 12 months.

And so this is long overdue with it.

I, I'm not sure it's over by the way, but this was long overdue.

And so I think what we'll see is that the, the good companies will continue, they'll, they'll, you know, sort of consolidate and then we'll continue to see some movement up because this generative A I permeates the entire economy.

Well, Nancy, I, I can't wait to ask you about this because you have some bullish statements about the A I space.

But then you didn't buy the NVIDIA dip this week, which I'm fascinated by how are you stomaching, holding off on getting into NVIDIA?

Um I saw a quote in the Wall Street Journal.

Some guy equated it to uh having a root canal without a novocaine.

I actually had a root canal without a novocaine when I was a kid.

And it, it's nothing close to that.

Um Eventually you just pass out.

But uh yeah, I think two things resistant or the, you know, the resistance for uh NVIDIA is at 97.

Um We're not gonna get too cute, but we are adding another chip name uh today and on Monday.

So I can't talk about it yet.

But another beneficiary I can't, you give us a head, Nancy.

Uh It's not intel and it starts with a not in no, we exited until years ago and gosh, couldn't be happier.

Um But so I think you still want to be exposed to these names.

The the infrastructure spend will continue.

These are unlike in the nineties where the underlying customer was unreliable and and the four horsemen fell, these are reliable clients with robust earnings growth and pristine balance sheet.

So take a breath, look around and see what you want to own.