S&P 500 could hit 5,600 by 2024 year-end
Traders brace for earnings from NVIDIA, a raft of Fed speakers, and flash manufacturing and services PMIs as Wall Street continues to grind upwards.
Chris Versace, CIO of Tematica Research joins IGTV’s Angeline Ong to discuss why he thinks the S&P 500 could breach 5,600 by the end of 2024.
(Partial Video Transcript)
Anticipating NVIDIA's earnings
Angeline Ong: Hello, welcome to IG. It's a big week of course, the grind up continues ahead of those NVIDIA results which will be key in a quiet week like this. Joining us now to talk about this is Chris Versace, CIO of to Tematica Research. Chris, thanks so much for joining us all the way from Washington. I mean, there's a saying, isn't there, a spin off from the line from June: "He controls GPUs, controls the universe"?
Chris Versace: I think there is something along those lines in this world that seems to be increasingly leaning into AI and data centre. But we'll see. I mean, I think you're talking about NVIDIA's earnings that we'll get Wednesday after the close. A lot of expectation both for the quarter itself and for the guidance of between the two.
I think we've heard a lot about some big tech companies as well as smaller companies kind of leaning into AI and data centre. I think that's going to set a very good base for NVIDIA's earnings. But, you know, this earnings season that we're wrapping up, we've seen companies give good guidance and sometimes guidance isn't good enough. And I think what NVIDIA has to do is not only deliver a great quarter; they've got to deliver guidance that is ahead of expectations.
In other words, a pristine beat and raise. And if they don't, those high expectations, which includes a fresh round of price target increases this morning across Wall Street, it might leave some people wanting. But my my position on that is if we see NVIDIA's shares sell off it could very well give some folks another bite at that, dare I say it, Angeline, Apple.
Watch the video for the full interview and market news update
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