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The president of sell-side Wall Street firm Yardeni Research thinks stocks are currently in a “buying-the-dip market.”
Ed Yardeni says in a new interview on CNBC that he thinks that’s particularly true for AI stocks.
“I know there’s a lot of nervousness about AI, but that’s a good thing. In the late 1990s, when I was around during the tech bubble followed by the tech wreck, nobody really saw the tech wreck coming; nobody was really worried about a bubble in the market that I can recall, not the way it is today, where everybody seems to be worrying about it.
I think AI’s alright. It’s basically an app that has widespread applications, and the payoff is actually in the cloud. The cloud providers are making a fortune as a result of AI.”
Yardeni argues that corporate earnings have been prolific enough to keep the market afloat, and he predicts that the S&P 500 is about to rally once again, crossing 7,000 by the end of the year.
“The basic bottom line of it all is we’re in a bull market. It’s been a volatile year this year, but at the end of the day, we’re at all-time record highs in the market in the past couple of weeks, and yeah, I think there could be a good, solid Santa Claus rally.”
The S&P 500 is priced at 6,822.33 at time of writing. The leading stock index is up 0.5% in the past five days.
