"Remember, markets top on good news, and they bottom on bad news," Wilson said in an interview with Bloomberg. "I can't think of any better news then what we got from [Nvidia] on Wednesday...and we had a failed rally. That's another negative technical signal that the rally is exhausted. We're going to need a story to get people excited, and I don't know what that story is.
All year, a select few growth names have outperformed, but investors extrapolated that performance into the rest of the market, and it didn't make that much sense."We feel like when this rally began really in May around AI, we think it broadened out too much," Wilson said. "We're bullish on AI for the longer term, however in the near term, it's more of a cost, and there's going to be a big investment phase.
For the back half of 2023 Wilson said he's focused on how sustainable the narrative will be around the small batch of growth names, and whether hawkish central banks will weigh on those prospects. "I think that in these periods what happens is people's views get directed by price action in the market," he said. "They look for the market to tell them whether it's going to be a hard landing or not. The odds of a recession are still higher than normal. Price action dictates opinion — that's where we are, and if things continue to be weaker here then that narrative of a hard-landing could come back.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market today: Tech stocks rally after blowout Nvidia profit, while rest of Wall Street driftsTechnology stocks are jumping in early trading following a blowout profit report from Nvidia, but moves for the rest of Wall Street are more muted. The S&P 500 was 0.3% higher early Thursday, continuing a strong week that has trimmed its loss for August so far.
Source: CTVNews - 🏆 1. / 99 Read more »
Stock market today: Tech stocks rally after blowout Nvidia profit, while rest of Wall Street driftsNEW YORK (AP) — Technology stocks are jumping in early trading following a blowout profit report from Nvidia, but moves for the rest of Wall Street are more muted. The S&P 500 was 0.
Source: SooToday - 🏆 8. / 85 Read more »
Stock market today: Wall Street slips ahead of a highly anticipated speech from the Federal ReserveNEW YORK (AP) — Stocks are slipping on Wall Street Thursday, despite a blowout profit report from one of its most influential companies, after a couple mixed reports on the U.S. economy. The S&P 500 was 0.4% lower in midday trading after flipping from an earlier gain. It's still on track for a winning week, which would trim its loss for what's been a dismal August. The Dow Jones Industrial Average was down 83 points, or 0.2%, at 34,389, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock market today: Wall Street is higher ahead of speech by Fed’s PowellNEW YORK (AP) — Stocks are rising in early trading, but investors will be closely watching a speech by the Federal Reserve Friday morning. The S&P 500 was 0.4% in the early going, coming off its worst loss in three weeks.
Source: SooToday - 🏆 8. / 85 Read more »
Stock market today: Wall Street ends higher and breaks a 3-week losing streakNEW YORK (AP) — Wall Street closed higher, breaking a 3-week losing streak, after the head of the Federal Reserve said it will “proceed carefully” as it decides what to do with interest rates. The S&P 500 rose 0.
Source: SooToday - 🏆 8. / 85 Read more »