Tom Lee: Investors Hold Off Buying the Dip Until US Midterms on November 3
Fundstrat's Tom Lee says institutional investors lack conviction to buy the stock-market dip before the US midterm elections. The Nasdaq 100 lost 6.65% in October.
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what happened
Fundstrat Managing Partner Tom Lee told CNBC, as reported by Stocktwits, that investors are holding back from buying the latest dip in stocks while they wait for the results of next week's US midterm elections. He said institutional investors do not have conviction until after November 3, so stocks could fall considerably between now and then.
Lee said Friday's sell-off looked different from earlier declines, with some holders possibly forced to sell while money keeps flowing into other parts of the market. The Nasdaq 100 fell 3.5% on Friday and ended October down 6.65%, its worst month since March 2025.
ING analysts argue the immediate market reaction may not tell the full story. They flagged three areas to watch afterward: the Middle East, AI and fiscal policy with tariffs.
why it matters
If uncertainty around the vote persists, the market may stay more sensitive to news and less resilient to selling. ING stresses that what changes after the election may matter more than the immediate verdict.
market impact
US stocks: pre-election uncertainty holds back dip-buying, keeping index volatility elevated
- Nasdaq 100 pressure down — institutional investors are not buying the dip until election uncertainty clears
instruments
sources
- Tom Lee Says Investors Are Hesitant To Buy The Dip As Midterm Elections Loom — 'People Are Marking Their Calendar Until November 3rd' — Stocktwits, 31 October 2026 at 12:01 UTC
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