As Wall Street looks to rebound from a volatile week, Shark Tank star and Cyderes CEO Robert Herjavec told FOX Business he expects the US stock market to plunge even further before it hits bottom.
He told FOX Business' Stuart Varney on Varney Co. that the market side is seeing that there's still 20 to 30 percent of the bottom to come.
Concerns about Federal Reserve hikes and high inflation have sparked recent volatility that worry investors.
The S&P 500 briefly fell into bear market territory on Friday, and the Dow saw its biggest decline since 2020, and the U.S. stock went up in trading Monday morning.
Herjavec went on to say that there is a lot of FUD or fear, uncertainty and doubt driving the swings, and small businesses don't know what to do as interest rates go up.
He stressed that the bigger issue is getting workers. I know so many small businesses that we invested in just can't get people to show up, because they can't get people to show up. He said it will take a few months for the dilemma to be fixed on its own, because it's still a problem.
Herjavec, who runs Cyderes, said that the lack of significant cyber breaches in the US indicates that his company and others are doing their jobs, particularly in the age of Russian aggression against the U.S.