of CNBC Jim Crameron Monday, highlighted the stock market’s positive performance, but warned that Big Tech’s upcoming earnings could determine the market’s future.
What happened: Despite the positive market trend, Cramer warned that Big Tech’s upcoming earnings, including those of Tesla Inc TSLA, Meta Platform Inc HALF, Microsoft Corp MSFTAND Alphabet Inc GOOG GOOGLE, could determine the future of the market. These reports will indicate whether the recent tech sell-off will continue or end, CNBC reported.
Chip manufacturer NVIDIA Corp NVDA rose 4% on Monday, following a 10% decline on Friday. Cramer noted that while the stock has recovered, it may not be enough to make up for Friday’s losses.
See also: General Motors and Ford are facing the same challenge as they return to gas-powered trucks
“Nvidia went from being the star of the show to being the goat of the game, and I’m not talking about the greatest of all time,” Cramer said. “We have learned from various research that Nvidia is performing quite well. I think stocks are finally getting cheap enough to start tempting people.”
Because matter: The stock market is going through a period of volatility, with experts offering differing opinions on its future. Cramer recently warned that the market has not yet bottomed, advising against buying on the dip. He suggested that the market is still in a downtrend and that buying early in the session is not the right move.
Despite these concerns, Wall Street veterans remain confident that the bull market will persist, citing a robust U.S. economy and the potential of artificial intelligence (AI) as key factors. The recent decline was triggered by higher-than-expected inflation in March, which led to a reassessment of rate cut expectations for 2024. The situation was further exacerbated by Iran’s attack on Israel over the weekend, prompting investors to seek refuge in safe havens like US Treasurys.
However, Cramer also outlined potential factors that could lead to further market decline, advising investors to be cautious in their buying and selling decisions. He warned investors against making sudden buy or sell decisions.
Price action: According to data from Benzinga Pro, Nvidia closed Monday trading at $795.18, marking a 4.35% increase. However, in after-hours trading, the stock saw a slight decline of 0.22%. Nonetheless, shares of the chipmaker are up 65.08% year to date.
Read next: Tesla cuts US Model S, X and Y prices by $2,000 in late Friday move as volume growth turns negative
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