A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. With interest rate cuts on the backburner, Wall Street is looking to corporate earnings to continue powering the 2024 stock market rally. Analysts polled by FactSet expect second-quarter earnings of S&P 500 companies to grow about 8.7% on average from the prior year.
Without Nvidia’s gains, the index’s total return is 10.7%. “High valuations will also need to be defended from rising uncertainty around monetary and fiscal policy, domestic and international elections and geopolitical conflict,” wrote Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, in a Monday note.
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