Key Takeaways

• Nvidia shares gained over 6% Tuesday as Goldman Sachs strategist Scott Rubner called it the “most significant stock” of the 12 months.

• Rubner suggested Nvidia’s earnings later within the month and the Federal Reserve’s Jackson Hole Economic Symposium could herald a rally for the stock market.

• The market might be poised for “super clean” positioning firstly of September for a Labor Day rally, he said.

• Nonetheless, Rubner cautioned investors could face a “tricky” second half of September, before welcoming recent highs within the fourth quarter of 2024.

Nvidia (NVDA) shares gained over 6% Tuesday as Goldman Sachs strategist Scott Rubner called it the “most significant stock” of the 12 months.

Rubner suggested the chipmaker’s earnings later within the month and the Federal Reserve’s Jackson Hole Economic Symposium could herald a rally for the stock market.

How Markets Could Be Poised for a Labor Day Rally

Nvidia reports earnings on Aug. 28, with the strategist expecting an earnings-fueled post-market move could potentially mark “the technical low for the most important index weights and AI darlings,” ahead of a September rally.

Rubner said the market might be poised for a Labor Day rally, leaving “a brief term window to buy the dip as technical pressure eases.”

Nonetheless, the Goldman strategist warned investors could face a “tricky” second half of September ahead of the U.S. presidential election before welcoming recent highs within the fourth quarter.

Nvidia shares closed 6.5% higher at $116.14 Tuesday, helping make up for recent losses. With Tuesday’s gains, the stock has greater than doubled in value for the reason that start of the 12 months.

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