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Nvidia's blowout quarter is a bullish signal for stocks, but not right now, investors say

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Some on Wall Street expect equities will continue to churn through some seasonal weakness.

Nvidia's blowout quarter was a positive signal for stocks, but maybe not at just this moment, some investors say. "We're bullish on the market, but more in the fourth quarter than the fall," said Infrastructure Capital Management CEO Jay Hatfield. The investor expects the S & P 500 will close the year up at 5,000, which is roughly 12% above where the index closed Wednesday.

We think it's fine to hold things," Hatfield said. "We happen to be right in the middle of our range, so that would argue for being neutral." Still, Hatfield said he is incredibly bullish on the prospects for Nvidia, and said he hiked his earnings estimates for fiscal year 2025 to $20 from $12 following its latest blowout results . "It's really hard to understate how powerful the demand is for Nvidia chips.

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