Nvidia Stock Surges as Goldman Strategist Calls It 'Most Important Stock' of 2024
Key Takeaways
Nvidia (
NVDA
) shares gained over 6% Tuesday as Goldman Sachs strategist Scott Rubner called it the "most important stock" of the year.
Rubner suggested the
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.