The selloff this week in the Nasdaq Composite is a buying opportunity, according to Tom Lee, head of research at Fundstrat Global Advisors. The tech-heavy index has lost about 1.5% week to date after recent economic data sparked concerns among investors about the path of the Federal Reserve’s interest rates. On Friday, the Nasdaq was looking to snap its four-day losing streak. .IXIC 5D mountain Nasdaq Composite’s 5-day performance However, Lee said there are signs that inflation is tracking lower. With inflationary pressures shrinking, the Fed could pause rate hikes. “If inflation is falling and companies are becoming more confident — and we already know corporate profit revisions have been positive. That is going to get investors more confident adding equity exposure, but they are going to want exposure to companies like mega-cap tech,” he said on CNBC’s ” Squawk on the Street ” Friday. “This is going to be a buying opportunity.” Apple’ s decline also weighed on the index. The tech giant slid 5% this week on reports that China is restricting iPhone use by government workers. However, Lee thinks Apple isn’t going to face big risks in China because it is a structural partner with the country. Apple shares were trading more than 1% higher in midday trading.
