Nvidia Stock Surges as Goldman Strategist Calls It ‘Most Important Stock’ of 2024

Aug 14, 2024
nvidia-stock-surges-as-goldman-strategist-calls-it-‘most-important-stock’-of-2024

<p>Justin Sullivan / Getty Images</p> <p>” data-src=”https://s.yimg.com/ny/api/res/1.2/LaHSOPBINEMtVilRbXR4Fg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYzMw–/https://media.zenfs.com/en/investopedia_245/a1bf855e41d64a634757c6e25e785755″ src=”https://s.yimg.com/ny/api/res/1.2/LaHSOPBINEMtVilRbXR4Fg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYzMw–/https://media.zenfs.com/en/investopedia_245/a1bf855e41d64a634757c6e25e785755″></img></p> </div> </div> <div><figcaption> <p>Justin Sullivan / Getty Images</p> </figcaption></div> </figure> <h3>Key Takeaways</h3> <ul> <li> <p>Nvidia shares gained over 6% Tuesday as Goldman Sachs strategist Scott Rubner called it the “most important stock” of the year.</p> </li> <li> <p>Rubner suggested Nvidia’s earnings later in the month and the Federal Reserve’s Jackson Hole Economic Symposium could herald a rally for the stock market.</p> </li> <li> <p>The market could be poised for “super clean” positioning at the start of September for a Labor Day rally, he said.</p> </li> <li> <p>However, Rubner cautioned investors could face a “tricky” second half of September, before welcoming new highs in the fourth quarter of 2024.</p> </li> </ul> <p>Nvidia (<span>NVDA</span>) shares gained over 6% Tuesday as Goldman Sachs strategist Scott Rubner called it the “most important stock” of the year.</p> <p>Rubner suggested the <a data-ylk=chipmaker’s earnings later in the month and the Federal Reserve’s Jackson Hole Economic Symposium could herald a rally for the stock market.

How Markets Could Be Poised for a Labor Day Rally

Nvidia reports earnings on Aug. 28, with the strategist expecting an earnings-fueled post-market move could potentially mark “the technical low for the largest index weights and AI darlings,” ahead of a September rally.

Rubner said the market could be poised for a Labor Day rally, leaving “a short term window to buy the dip as technical pressure eases.”

However, the Goldman strategist warned investors could face a “tricky” second half of September ahead of the U.S. presidential election before welcoming new highs in the fourth quarter.

Nvidia shares closed 6.5% higher at $116.14 Tuesday, helping make up for recent losses. With Tuesday’s gains, the stock has more than doubled in value since the start of the year.

Read the original article on Investopedia.

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