The week on Wall Street was a mixed bag, marked by both bullish and bearish sentiments. While the S&P 500 and Dow ended their six-week winning streaks, falling nearly 1% and 2.7%, respectively, the Nasdaq marked its seventh consecutive weekly gain, reaching an all-time high fueled by strong performances from megacap tech stocks. This fluctuation reflects investor caution ahead of the presidential election, with concerns about fiscal policies and potential trade disruptions looming large. Rising Treasury yields further signaled market expectations of fiscal challenges for the incoming administration, regardless of the election outcome.
Benzinga, a leading source for daily stock market insights, provides in-depth analysis on the most popular investor picks. Here’s a look at some of the most noteworthy bullish and bearish calls of the past week:
Bullish Bets
*
Nvidia’s AI Advance:
Ananya Gairola reports on Nvidia’s release of Llama-3.1-Nemotron-70B-Instruct, a free open-source AI model that outperformed competitors in key benchmarks. This move signifies Nvidia’s strategic shift towards AI software dominance, leveraging Meta Platforms’ framework to gain a competitive edge.*
Dogecoin’s Potential Surge:
Khyathi Dalal highlights bullish predictions from traders who foresee Dogecoin exceeding $0.50 if Bitcoin breaks crucial levels. They point to historical trends and money flow indicators supporting this potential upward momentum for the meme coin.*
Clean Tech Picks for Election Volatility:
Surbhi Jain analyzes a JPMorgan analyst’s recommendations for navigating election-related market volatility. The analyst highlights Plug Power and EVgo for potential upside, while suggesting Enovix as a safer hedge due to its focus on consumer electronics and non-US markets.Bearish Warnings
*
Goldman Sachs’ Bleak Forecast:
Piero Cingari reports on Goldman Sachs’ prediction of only 3% annualized returns for the S&P 500 over the next decade. The investment bank warns that extreme market concentration, driven by giants like Apple, could severely limit growth compared to the past decade’s 13% return.*
Doubt Cast on Tesla’s Robotaxi Vision:
Chris Katje highlights Peter Rawlinson’s skepticism about the immediate future of self-driving cars. The Lucid CEO predicts widespread deployment no sooner than the 2030s, criticizing Tesla and Elon Musk’s autonomous ambitions.*
Peter Schiff’s Warning on MicroStrategy:
Aniket Verma reports on Peter Schiff’s warning that MicroStrategy is significantly overvalued, expecting a dramatic crash due to its heavy reliance on Bitcoin holdings and speculative strategies.This week’s market movements highlight the ongoing uncertainty surrounding the upcoming election and its impact on fiscal policy and trade. As investors navigate this volatile landscape, Benzinga continues to provide insightful analysis and timely updates on the most popular stocks, helping investors make informed decisions.
