Tech stocks, which have led the U.S. stock market's 2018 gains, were among the biggest losers Wednesday. The tech-heavy Nasdaq entered correction territory and saw its worst day in seven years. High-growth "FANG" stocks — the acronym for Facebook, Amazon, Netflix and Google (now called Alphabet) — led the Nasdaq lower. Alphabet, which reports earnings Thursday, was down 5 percent but Finerman highlighted that not much had changed for the company on a fundamental level.
"That's panic. There's nothing different about Alphabet's business that makes it 5 percent less valuable," Finerman said. "I want to own it."
Rising interest rates have caused market jitters throughout October. But Finerman pushed back on that as a reason for the sell-off, and instead highlighted the U.S.- China trade war.
"We're hearing these companies disappointing on earnings, they're not saying the Fed is making it difficult for us, they're saying there are tariffs issues."
Investors are closely watching Amazon and Alphabet, which both report quarterly earnings after the closing bell Thursday.
Loup Ventures founder Gene Munster said despite the tech slide this week, he's optimistic about Alphabet's position in "transformative markets" like healthcare.
"There's some headwinds with what's going on with privacy and users and Google giving more transparency but I still think this is a great story to own," Munster said.
Facebook has the shortest leash, he said because the company "isn't transformative" and privacy issues could slow user growth. Amazon meanwhile has "no valuation support," Munster said.