Asks about market exhaustion and what it means for markets
David
Scott Kroner
Describes difficult year with multiple challenges: deep sea issues confounding AI narrative, springtime tariff influences, summer deficit issues, good Q3 earnings but limited stock price follow-through despite strong Nvidia results
Asks if market is close to full value
David
Scott Kroner
Using 6600 year-end target as fair value approximation based on earnings growth, valuation assumptions predicated on rates
Asks if rate cuts are needed for earnings picture to work given rethinking of Fed cuts and sticky inflation
David
Scott Kroner
December Fed rate cut is linchpin for year-end, would play into growth plus cyclicals barbell approach and increase odds for stronger action into year-end