NEW YORK - Bullish investors are hoping Wednesday's earnings report from chip heavyweight Nvidia can rejuvenate a U.S. stocks rally that has stumbled in recent weeks.
Yet the broader equity rally has recently faltered, with the benchmark index off more than 4% in August as soaring Treasury yields threaten to dull the allure of stocks. The market's turbulence is intensifying focus on Nvidia's fiscal second quarter report, due after market close on Wednesday. Nvidia stunned the market with its prior report in May, when a stellar forecast sent its stock soaring 24% in one day. Following that report, the S&P 500 technology sector rallied 8% over the next five days.
"My guess is the numbers are going to be just fine, but is it going to be enough?" said Chuck Carlson, chief executive officer at Horizon Investment Services. "If it's not, you could see a continuation of the sell-off that we have had here in the last month or so." Nvidia’s earnings report is not the only closely watched market event in the coming days. Investors will also be focused on a speech from Federal Reserve Chairman Jerome Powell at the central bank’s annual conference in Jackson Hole, Wyoming, later this week.
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Goldman Sachs sees room for investors to grow more bullish on US stocksThe sharp increase in investor equity allocations to U.S. stocks since the start of the year still has room to expand before breaching historical norms, suggesting that there may be more fuel left for the bull market, Goldman Sachs said. The net leverage exposure to equities by hedge funds remains below the average over the last 5 years, while cash allocations held by mutual funds remains 50 basis points above their lows from December 2021, representing a potential $49 billion of equity demand, GS strategists wrote in a note on Monday. Goldman Sachs maintained its year-end price target of 4,500 for the S&P 500 and its 12-month price target of 4,700.
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