Despite the anticipation that Nvidia’s (NVDA) earnings would contribute to market growth, stocks (^DJI, ^IXIC, ^GSPC) are sliding as the trading day draws to a close on Thursday. Carson Group Chief Market Strategist Ryan Detrick, joins Market Domination to provide his insights on this market reaction.
Detrick acknowledges Nvidia’s standout performance, referring to the company as "the all-star" and stating, "we’ve had a good run." With investors having closely monitored Nvidia for months leading up to the earnings release, Detrick suggests that "maybe markets are just due for a little pullback consolidation," expressing a lack of concern over the current downturn.
Regarding investment strategies, Detrick maintains a neutral stance on the tech sector due to elevated valuations. Instead, he advises focusing on financials, industrials, small-caps, and mid-caps, believing that as the economy strengthens, there will be "a rotation… into some of those areas that are a little bit cheaper."
However, Detrick cautions, "just because something’s cheap, it doesn’t mean you want to go into it, but we’re optimistic" about the potential opportunities that may arise.
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