Dan Niles just bought a 'massive slug of stocks' in this index.
Hedge fund investor Dan Niles sees a buying opportunity in small-cap and consumer staples stocks right now. The Russell 2000 , the barometer for small-cap stocks, is now up about 1% in 2023. The index is on a tear, posting four consecutive winning days, after turning negative for the year last week..
"That's what I want to be in between now and year end, especially with the geopolitical risk," Niles said, referring to the Israel-Hamas war . Niles' tech picks Meanwhile, Niles sees an uphill battle for big tech. The dollar is up 6% since mid-July, which will be a big headwind for fourth-quarter guidance and beyond for the so-called "Magnificent Seven" tech giants — Tesla , Amazon , Microsoft , Nvidia , Apple , Meta and Alphabet .