Selloff a buying opportunity—in tech: Stifel CEO

If you're not buying stocks after Wednesday's market selloff, you'll be sorry, Stifel Financial Chairman and CEO Ronald Kruszewski said Wednesday.

The Dow Jones industrial average dropped 238 points and the Russell 2000 entered correction territory, down 10 percent from its July high, making for the stock market's worst start to October since 2011.

"Look, I think it's a normal correction in a market," he said. "We haven't had a 10 percent correction in the S&P in over 1,000 days."

On CNBC's "Fast Money," Kruszewski said that the longer-term trend was up despite a down day.


"Look, I think it's a buying opportunity," he said. "You've got some issues in the market, but longer term, the Fed's going to be accommodative, earnings look good, and you'll be glad when you look back that you bought this market—today."

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Kruszewski explained why he liked another sector better than financials.

"I would overweight technology stocks, now and in the future," he said. "We're at the dawn of a technology boom, but my view is that interest rates are going to remain lower longer than people believe, and so a lot of financials have been buoyed by the fact that you're going to have this rate increase in financials that I don't think is coming in the time the market thinks."