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What Do Nvidia's Results Mean for the Rest of the Market?

This week, Nvidia ($NVDA) released quarterly results that arguably blew away everyone’s expectations. Fundstrat Head of Research Tom Lee has been a vocal advocate for the company’s potential and importance since 2019, when he put the stock on our Granny Shots stock list. He remains enthused about the stock, but it was Nvidia’s impact on the rest of the market that had his attention this week.

The euphoria caused by Nvidia’s earnings report didn’t just drive the S&P 500 and Nasdaq to record highs, but also buoyed Japan’s Nikkei 225 and the pan-Europe Stoxx 600 index to record levels as well. But does Nvidia really matter for stocks outside of Big Tech or AI? Yes, Lee told us. Ahead of its earnings report, Lee observed, “It seems as if the question on everybody’s minds is: Are we reaching, or have we already reached, the top for the first half of 2024?” Part of the answer, he suggested, would depend on the response to Nvidia’s report. “How equities react will help to tell us how much firepower is left in the market.” 

Lee disclosed that in his conversations with investors and clients, he picked up on expectations of selling after good news from Nvidia, by those hoping to lock in profits. This would be a variant of stocks falling on good news, and...
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