Markets can perform well without Nvidia in the lead: Strategist

) has been pushed to new heights this year as the tech sector makes major gains fueled by the AI boom. B. Riley Wealth Chief Market Strategist Art Hogan joins Market Domination to discuss the index's rally and whether it could keep up the momentum.) were such a big part of the 15% that the S&P 500 is higher this year on a year to date basis... But you're seeing basically three or four days where Nvidia has not been leading the charge, and the market's done very well.

Financials, which we're seeing today, utilities to a certain extent and likely industrials pick, you know, to your point, just pick up the baton a bit and start pulling their weight in terms of what happens in the back half of this year.I think the concentration at the top obviously has people nervous.

So if you look at the, again, if you look at the earnings estimates for the next three quarters, including the second quarter, they gradually work their way higher.So I think we continue to see both the economy and earnings grow out uh uh outside of consensus estimates uh into the end of the calendar year.Uh P CE is on deck feds preferred inflation gauge.And what do you, what do you expect from the fed for, for the remainder of the year.

We're, we're gonna be kind of last of the party as it as, as that goes because the, as we know the ECB already made that move, the Bank of Canada, the bank of England leaned into it and likely goes at their next beating. So investors have really shown that given the choice between early and often in rate cuts and better economic data and earnings, they choose the latter.So I think market participants have certainly leaned into the direction of we'd rather the fed not have to cut.And if September is the first time they do it, that's going to be great as opposed to where we were when we started this calendar year, which was assuming they were going to be cutting a whole lot more.

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