Nvidia rally is fueling FOMO in the overall market, Evercore's Julian Emanuel warns
Publishing timestamp: 2024-02-12 19:48:41
Summary
Evercore ISI's Julian Emanuel believes that Nvidia's rally is fueling fear of missing out in the market. Clients are more worried about being underinvested than overexposed. Emanuel warns of similarities to the Y2K era, particularly in terms of momentum. He believes that stocks could experience a 13% pullback this year, which he considers normal during a nonrecession period. Emanuel's top picks include communication services, consumer staples, health care, and money markets. His year-end target for the S&P 500 is 4750, implying a roughly 5% loss from Monday's close.
Sentiment: MIXED
Tickers: XLC, XLP, XLV, .IXIC, NVDA, .NDX, US10Y, .SPX, .DJI,
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