Market expert predicts re-rotation back into these stocks

FRIDAY AS WELL. LOOKING FORWARD TO THOSE INTERVIEWS YOU WILL BE CONDUCTING. EDWARD LAWRENCE LIVE IN JACKSON HOLE. TIME FOR THE WORD ON WALL STREET, TOP INVESTORS WATCHING HER MONEY. RYAN PAIN AND BARON'S MARKET REPORTER JACOB SONENSHINE. A LOT OF WORDS FROM WHAT WE WILL HEAR FROM KEVIN WARSH AND THE RELATIONSHIP WITH THE TREASURY SECRETARY, THAT WILL BE A STORYLINE WE ARE EXPECTING TO HEAR. JACOB:WHAT METRICS IS THE FED CHAIRMAN GOING TO USE? AND THE PCE NUMBER FROM JULY IS NOT VERY HELPFUL. A LOT OF MOVES IN OIL PRICES AND COMMODITY PRICES, THAT IS REALLY KEY TO UNDERSTAND WHAT METRICS WE ARE LOOKING AT. WHAT I AM LOOKING AT RIGHT NOW SEEMS TO ME INFLATION IS NOT GOING AWAY. NOT JUST ABOUT OIL PRICES. IF YOU LOOK AT COMMODITIES ACROSS THE BOARD, WHEAT PRICES, CORN PRICES UP THIS YEAR, WE HAVE A LOT OF INFLATIONARY PRESSURE IN A LOT OF PLACES AND WHAT COMES TO GUIDANCE, THAT THE OTHER ISSUE. WE WANT TO KNOW IF KEVIN WARSH IS A HAWK OR A DOVE OR AN OWL. IT IS IMPORTANT TO THE BOND MARKET TO KNOW ARE WE GOING TO BE VIGILANT WITH INTEREST RATES? ARE THEY GOING TO RAISE IF INFLATION NUMBERS DON'T COME DOWN? CHERYL: I'M GOING TO BRING YOU INTO THIS, JACOB. THE BOND MARKET IS LEADING THE CHARGE, WATCHING THE 10 YEAR VERY CLOSELY. WITH THIS BOND STORY FROM SCOTT BESSENT, HE WAS ASKED ABOUT THE BOND. AGAIN, INTERVENTION IN THE BOND MARKET IS SOMETHING CALLED INTO QUESTION THAT FED OFFICIALS TALK ABOUT. JACOB:I DON'T THINK FED OFFICIALS WILL TALK ABOUT IT. BUT I THINK WHAT YOUR COLLEAGUES SAID A SECOND AGO, HE IS SPEAKING TO WHETHER FED MEMBERS WHO HE THINGS ARE GOING TO SAY MAYBE A LITTLE BIT MORE THAN KEVIN WARSH WILL SAY. I WILL TAKE A STEP BACK, KEVIN WARSH MADE CLEAR HE WAS NOT GOING TO SAY MUCH BUT WE ARE NOW IN AN ERA WHERE THERE'S A LOT OF INFORMATION AND I THINK EVEN IF WARSH DOESN'T SAY IT A LOT YOU WILL TEASE PART OF THE PICTURE AND THE MARKET IS TRYING TO DO THAT. CHERYL: EDWARD LAWRENCE MENTIONED COMMUNICATION AND DATA. A LOT OF EYES ON THAT. LOOK AT FUTURES, THE 10 EUROPE ONE. 5 BASIS POINTS, 4. 5% BUT THE SEMIS MAINLY TRADING LOWER THIS MORNING BUT THAT LET THE GAMES YESTERDAY. WE'VE GOT NVIDIA COMING OUT AFTER THE CLOSE, THEHE HIGHLY ANTICIPATED SECOND QUARTER NUMBERS FROM THIS COMPANY, STOCK THIS MORNING IS LOWER BY A FRACTION. TO YOU ON NVIDIA AND WHAT DO YOU THINK WILL HAPPEN. >> CHIPS ARE WASHED OUT. BUT IF YOU LOOK AT WHERE THE S&L ASK ASK IS, THE CHP ETF, IT IS NEAR SUPPORT LEVELS FROM A TECHNICAL STANDPOINT. ON VALUATION IT IS TRADING SOMEWHERE IN THE LOW 20s, IF YOU THINK WE ARE STILL IN A DATA CENTER CHIP BUILDOUT, THAT NVIDIA IS GOING TO CONFIRM THAT, GUIDANCE WILL BE GOOD ENOUGH, EVEN IF GUIDANCE ISN'T GREAT, IT WILL BE FINE AND CHIP STOCKS AS LONG AS THEY SEE THE PICTURE FOR THE DATA CENTER IS FINE THESE THINGS WILL RALLY. CHERYL: INTERESTING. NVIDIA, WHAT DO YOU SAY? >> INCREASE REVENUE BY ONE HUNDRED% YEAR OVER YEAR, WITH A $5 TRILLION STOCK ACCOUNTING FOR 7% OF OUR EARNINGS FROM THE S&P 500 AND IT'S THE BIGGEST STOCK IN THE WORLD AND I'M WITH JACOB, THE STOCK HAS INPUT FOR THE LAST FEW MONTHS, 18%, UP 14% THIS YEAR AHEAD OF THE MARKET IN GENERAL BUT I DO THINK TO YOUR POINT YOU WILL GET A BIG ROTATION INTO THE STOCKS, MAGNIFICENT 7 IS ONLY 2% THIS YEAR. TAKE MAGNUSON 7 OUT, IT IS UP 16% FOR THE YEAR. WITHOUT A BROADENING OUT BUT WE WILL HAVE A ROTATION AND GROWTH STOCKS. CHERYL: WE'VE HAD SOME GUESTS COME ON AND I'M CURIOUS, THEY BELIEVE WE WILL GET A SEPTEMBER POOL BACK. THAT IS A BUYING OPPORTUNITY. I WOULD NEVER SAY THAT IS NEGATIVE BUT THERE COULD BE MARKET SHOCKS COMING AFTER LABOR DAY. JACOB:THE MARKET DOESN'T DO THAT. THERE'S SO MUCH CASH ON THE SIDELINES. 7 TRILLION. INVESTORS HAVE 4 TRILLION IN CASH EVEN WITH 3.4% INTEREST RATE, YOU'RE NOT GETTING PAST INFLATION TAXES. THIS MARKET IS NOT GOING TO LET YOU ININ. YOU'VE GOT TO BE AN. IF YOU ARE NOT WRONG YOU ARE LONG. CHERYL