Key Takeaways
Nvidia (NVDA) shares rose more than 6% on Tuesday after Goldman Sachs strategist Scott Rabner called the company the “most important stock” this year.
Rubner suggested the chipmaker’s earnings release later this month and the Federal Reserve’s Jackson Hole Economic Symposium could signal a rise in the stock market.
Markets Could Be Gearing Up for a Labor Day Rally
Nvidia reports earnings on Aug. 28, and strategists expect an earnings-fueled post-market move could result in a “technical low for index constituents and AI-related stocks” ahead of a September rally.
Rubner said the market is primed for a Labor Day rally and that “near-term dip-buying opportunities remain as technical pressures ease.”
But Goldman strategists warned that the second half of September could be a “challenging” period for investors ahead of the U.S. presidential election, before hitting new highs in the fourth quarter.
Nvidia shares rose 6.5% to close at $116.14 on Tuesday, reversing recent losses. Tuesday’s gains have more than doubled the company’s shares since the beginning of the year.
