Asks if the broadening rally across energy, industrials, materials, and discretionary sectors signals bigger things to come for the year.
Scott
Jeremy Siegel
Diverts to Venezuela politics briefly, then states lower oil prices are good for everyone. Identifies two forces broadening the market: lower short-term interest rates and the broadening of AI adoption.
Suggests the rally in non-tech sectors is due to strong earnings performance and high estimates, giving them staying power.
Scott
Jeremy Siegel
Agrees. Says non-tech stocks have reasonable PEs that will stay the same or expand. They are using AI, lower interest rates, and the cloud to boost profits, which can lift their PEs 3-4 notches.