Fundstrat head of research Tom Lee said Wall Street overreacted to the Federal Reserve’s rate decision and called the sharp equity selloff a buying opportunity, while UBS Global Wealth Management chief investment officer Mark Haefele said his team remains positioned for further gains despite near-term volatility. The Dow Jones Industrial Average fell 631 points, or 1.2%, to 51,461, the S&P 500 declined 0.5% to 7,551 and the Nasdaq Composite was roughly flat at 25,978 before Nasdaq 100 futures later rose more than 1.5% as dip buyers entered. Lee expects cyclical stocks, technology, consumer discretionary, financials and energy shares to lead a rebound, citing Goldman Sachs research that inflation pressures could fade over the next two quarters. Haefele said gains could broaden across sectors and regions if monetary tightening remains moderate, credit spreads stay stable and corporate profits continue growing, and recommended diversified equity exposure. August retail sales exceeded forecasts, but the selloff intensified after officials signaled that more rate hikes could come before year-end. Dan Greenhaus of Solus Alternative Asset Management said the Federal Reserve did not need to raise rates, pointed to weakness outside the artificial-intelligence-driven data-center boom and said algorithms likely amplified the market swing.