Nvidia (NVDA) has been on a downturn, with a three-day losing streak. As a result, the S&P 500 (^GSPC) also began to slump as Nvidia holds considerable...
Stifel chief equity strategist Barry Bannister joins Morning Brief to give insight into Nvidia 's recent performance, its weight on the S&P 500, and what investors need to consider for the broader market moving forward.
He continues by estimating where the market is headed:"We don't see any Fed rate cuts this year, and as a consequence, the market can pull back, and that's been our call...I wouldn't feel disappointed if it fell 10% to about 4900. We've been saying 4750."The chip maker is looking to stage a comeback, snapping its three day losing streak and Nvidia's slide dented the tech rally that has powered stocks to fresh highs this year.
I mean, just how much weight does this one name continue to have overshadowing kind of the rest of the market?If you think about it, it takes about one generation to forget about a bubble and uh the average baby boomer was about 41 years old in 1999.Um We had extreme optimism, narrow markets, high valuation, um, day traders with strange names.
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