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Key Takeaways
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Nvidia shares gained over 6% Tuesday as Goldman Sachs strategist Scott Rubner called it the “most important stock” of the year.
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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.
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The market could be poised for “super clean” positioning at the start of September for a Labor Day rally, he said.
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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 Scott Rubner called it the “most important stock” of the year.
Rubner suggested the chipmaker’s earnings later in the month and the Federal Reserve’s 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 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.
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