Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
Investor complacency during the market's sell-off shows it isn't yet time to buy the dip, Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, told CNBC on Thursday.
"I actually sensed complacency yesterday. I was out seeing investors yesterday, wasn't looking at my phone all afternoon, got back to the office — was absolutely shocked at how much tech had gone down," Calvasina said on CNBC's "Fast Money."
"I wasn't sensing that investors were really paying much attention to it in my meetings. That tells me we've got a little ways to go," she said.
The tech sector's drops on Wednesday were nothing to sneeze at. Tech shares fell more than 4.5 percent on Wednesday, marking their worst day since 2011. The sell-off led to the Dow sinking more than 800 points and the S&P 500 dropping more than 3 percent. The major indexes fell on Thursday after some of the tech names failed to recover from steep losses in the previous session.
The Dow Jones Industrial Average closed 545.91 points lower at 25,052.83, bringing its two-day losses to more than 1,300 points. The S&P 500 dropped 2.1 percent to 2,728.37 and posted its sixth straight decline. The broad index also closed below its 200-day moving average for the first time since April. The Nasdaq Composite pulled back 1.3 percent to 7,329.06 and briefly entered correction territory at its lows on Thursday.
"On the tech stocks ... when people stop arguing that they're secular and they don't have any secular components, there is just so much pushback on the perfection of the fundamentals. That has got to break before you can go back in and buy that sector," Calvasina said, readily admitting she is a tech bear.
Looking outside of the technology sector, Calvasina said she felt materials still looks very expensive relative to cash flow, and there is likely "more damage to be done in that space."
But on the whole, valuations should not be a reason to buy or sell right now, since "we aren't even back to cheap valuation territory yet," she said.
For now, Calvasina's advice to investors is "don't buy the dip yet," and slowly invest in defensive stocks.
"We think you should be tiptoeing back into those defensives — we've been telling people that for a while. People have to get past their rising rate fears, though," she said.
— CNBC's Fred Imbert and Alexandra Gibbs contributed to reporting.