Ahead of Nvidia (NVDA) earnings on Wednesday, Fundstrat Global Advisors managing director and global head of technical strategy Mark Newton joins Market Domination with Julie Hyman and Alexandra Canal to discuss his outlook for the tech sector and the role the chipmaker plays in the market.
The “Magnificent Seven,” made up of Nvidia, Alphabet (GOOG, GOOGL), Tesla (TSLA), Microsoft (MSFT), Amazon (AMZN),
Meta (META), and Apple (AAPL), “has turned from the Mag Seven into the Lag Seven over the last couple of months,” says Newton. “However, I don’t expect that to last too long; I do suspect that most of these tech stocks are going to start to reignite and push higher.”
“There’s a lot to be happy about,” the strategist says, highlighting outperformance in the industrial sector (^SP500-20), with names like Caterpillar (CAT) and Deere (DE), and the financial sector (^SP500-40), including JPMorgan (JPM).
“Investors really need to ignore a lot of the exogenous events until they start to affect the stock market,” he adds.
Watch the video above to hear more about the strategist’s expectations for Nvidia earnings.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here: https://finance.yahoo.com/videos/series/market-domination/
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