The S&P 500 (^GSPC) has been pushed to new heights this year as the tech sector makes major gains fueled by an AI boom. B. Riley Wealth Chief Market Strategist Art Hogan joins Market Domination to discuss the index’s rally and whether it could keep up the momentum.
"I think it’s a perfect example of a lot of folks being concerned that Nvidia (NVDA) and arguably Nvidia, Microsoft (MSFT), and Apple (AAPL) were such a big part of the 15% that the S&P 500 is higher this year on a year to date basis… But you’re seeing basically three or four days where Nvidia has not been leading the charge, and the market’s done very well. I think that continues throughout the second half of this year," Hogan explains. He expects the market to broaden this year in areas like energy, financials, utilities, and industrials.
He believes that second quarter GDP growth will be higher than expected, explaining, "I think we continue to see both the economy and earnings grow outside of consensus estimates into the end of the calendar year." He also expects the Federal Reserve to initiate an interest rate cut in September, adding, "investors have really shown that given the choice between early and often rate cuts and better economic data and earnings, they choose the latter. And I think that’s a very intuitive choice to be making. So I think market participants have certainly leaned into the direction of we’d rather the Fed not have to cut, but if they do cut, they can take their time doing it."
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