“Closing bell” On Wednesday, he said he did not expect the recent market rally to signal the impact of the novel. coronavirus (COVID-19) The pandemic in the markets has bottomed out. “data-reactid =” 19 “> Billionaire investor Mark Cuban on CNBC’s” Closing Bell “said on Wednesday that he did not expect the recent market rally to signal the impact of a new coronavirus pandemic ( COVID-19) in the markets has bottomed out.
According to the star of “Shark Tank”, it could just be investors buying the rumor and selling the information.
“I think people are naturally optimistic at the moment in terms of the market,” Cuban told CNBC. “I don’t think they really take into account what we’re going to see on the other side.”
NBA owner Dallas Mavericks said that even if he was “hopeful” for the long term, the market could see another collapse caused by the coronavirus in the short term.
Cuban added that he had not bought any stocks in the past two weeks and that instead he was “trying to get more money”.
NFLX) and Amazon.com Inc. (NASDAQ: AMZN) “data-reactid =” 25 “> As for his equity bets, he continues to hold Netflix Inc. (NASDAQ: NFLX) and Amazon.com Inc. (NASDAQ: AMZN).
“If I am wrong and the market continues to grow, my main assets, Netflix and Amazon, will continue to function well,” said the founder of Broadcast.com on CNBC. “I just stayed where I was. I didn’t add or subtract.”
Why is it important
US stocks have recovered somewhat in the past two weeks after seeing historic destruction as the coronavirus spread throughout the country.
COVID-19 cases increased to 432,132 in the United States at the time of publication, according to data from Johns Hopkins University, and continue on an upward trend.
reported by Bloomberg. “data-reactid =” 30 “> The most optimistic forecasts from the director of the National Economic Council, Larry Kudlow, have established a period of four to eight weeks for the recovery of the economy, as reported by Bloomberg.
Despite recent gains, the S&P 500 is down 14.9% from the start of the year, the Nasdaq Composite is down 9.8% and Dow Jones saw 17.9% of its value cleared.
In comparison, Amazon is up 10.5% year-to-date to $ 2,041.56 and Netflix is up 14.7% to $ 371.06.