:max_bytes(150000):strip_icc()/GettyImages-19886095821-a0150ae1df034f24a6f21432023d082a.jpg "Nvidia shares rise sharply, Goldman strategist calls them the “most important stock” of 2024")
Nvidia shares rise sharply, Goldman strategist calls them the “most important stock” of 2024
Key findings
- Nvidia’s share price rose more than 6 percent on Tuesday after Goldman Sachs strategist Scott Rubner called the company the “most important stock” of the year.
- Rubner said Nvidia’s earnings later this month and the Federal Reserve’s Jackson Hole Economic Symposium could spark a stock market rally.
- The market could be “super clean” positioned for a Labor Day rally in early September, he said.
- However, Rubner warned that investors could face a “difficult” second half of September before welcoming new highs in the fourth quarter of 2024.
Nvidia (NVDA) shares rose over 6% on Tuesday after Goldman Sachs strategist Scott Rubner called the company the “most important stock” of the year.
Rubner said the chipmaker’s earnings release later this month and the Federal Reserve’s Jackson Hole Economic Symposium could spark a stock market rally.
How markets could prepare for a Labor Day rally
Nvidia reports its results on August 28. The strategist believes that an earnings-driven after-hours move could potentially mark “the technical bottom for the largest index weights and AI darlings” ahead of a September rally.
Rubner said the market could be ready for a Labor Day rally, which “remains a short-term window for buying on dips as technical pressure eases.”
However, the Goldman strategist warned that investors could face a “difficult” second half of September ahead of the US presidential election before welcoming new highs in the fourth quarter.
Nvidia shares closed 6.5 percent higher at $116.14 on Tuesday, offsetting recent losses. With Tuesday’s gains, the stock has more than doubled in value since the beginning of the year.
:max_bytes(150000):strip_icc()/SNOWChart-4b9f687367da41689132fd5d2943234d.gif "Watch these Snowflake stock price levels after the post-earnings announcement decline")
