Key Takeaways
- Nvidia shares gained over 6% Tuesday as Goldman Sachs strategist Scott Rubner called it the "most important stock" of the year.
- Rubner suggested Nvidia's earnings later in the month and the Federal Reserve's Jackson Hole Economic Symposium could herald a rally for the stock market.
- The market could be poised for "super clean" positioning at the start of September for a Labor Day rally, he said.
- However, Rubner cautioned investors could face a "tricky" second half of September, before welcoming new highs in the fourth quarter of 2024.
Nvidia (NVDA) shares gained over 6% Tuesday as Goldman Sachs strategist S꧒cott Rubner called it the "most important stock" of the year.
Rubner suggested the 澳洲幸运5官方开奖结果体彩网:chipmaker's earnings later in the month and the Federal Reserve's 澳洲幸运5官方开奖结果体彩网:Jackson Hole Economic Symposium could herald a rally for the stock market.
How Markets Could Be Poised for ♑a Labor Day Rally
Nvidia reports earnings on Aug. 28, with the strategist expecting an earnings-fueled post-market move could potentially mark "the technical low for the largest index weights and AI darlings," ahead of a September rally.
Rubner said the market could be poised for a Labor Day rally, leaving "a short term window to 澳洲幸运5官方开奖结果体彩网:buy the dip as technical pressure eases."
However, the Goldman strategist warned investors could face a "tricky" second half of September ahead of the U.S. presidential election before welcoming new highs in the fourth quarter.
Nvidia shares closed 6.5% higher at $116.14 Tuesday, helping make up for recent losses. With Tuesday's gains, the stock has more than doubled in value since the start of the year.