“I have money on the sidelines, and I missed the last rally of the last three weeks. I’m not putting it to work here,” the chief economic advisor at Allianz said on “Squawk Box.”
El-Erian’s comments came after Wall Street on Wednesday suffered its worst day since June 11 due to growing worries about rising Covid-19 cases across the country. The S&P 500 gave up 2.59% while the Dow Jones Industrial Average fell 2.72%. The tech-heavy Nasdaq shed 2.19%, its first negative session in the past nine.
Dow futures indicated further declines at…