US stocks (^DJI,^GSPC, ^IXIC) closed Wednesday’s session in the green after August’s Consumer Price Index (CPI) came in line with estimates. Meanwhile, Nvidia (NVDA) led the charge for the S&P 500 and Nasdaq, climbing more than 8% intraday after comments made by CEO Jensen Huang at the Goldman Sachs Communacopia and Technology Conference highlighted continued AI demand.
B. Riley Wealth chief market strategist Art Hogan joins Market Domination Overtime to discuss the most recent market movement.
Hogan explains that this day and week have been “interesting” for markets. He explains, “[This is] the first time that I can remember we’ve seen an S&P 500 lose and gain 100 points in a single week.” He notes that volatility is typical for September, and believes that markets “overreacted” to CPI data. However, as September is also conference season, comments from Nvidia CEO Jensen Huang got investors “excited about AI again,” taking markets back up.
“I think that when you take a step back and say, if our biggest concern is that today’s modestly hotter core CPI number means the Fed’s [Federal Reserve] going to go 25 basis points versus 50, that was consensus coming into the day, right? So it just went from 70% to 85% consensus. So I think it’s just a major overreaction in what has become an oversold September tape. And I think that the rally in the afternoon probably makes a whole lot more sense,” Hogan adds.
He notes that semiconductors were down about 23% going into Wednesday’s trading day, and argues “it doesn’t take much of a push to get investors back and excited about a group that was trading significantly higher than this just two months ago.”
#youtube #Nvidia #stocks
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