Bouncing back from a two-day sell-off, shares of semiconductor star Nvidia (NASDAQ: NVDA) had booked a 2.2% gain through 11 a.m. ET Thursday. Declaring Nvidia its "top compute pick" in 2022, Bank of America doubled down on its buy rating on Nvidia stock. Its $375 price target forecasts a 33% run-up for Nvidia shares this year, on top of the more than 100% gain they scored last year. Read More...
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Here’s one take on how to catch a falling knife after the growth stock crash
It was in this column on Wednesday morning that we quoted George Saravelos, global head of currency research at Deutsche Bank, warning the market should be more focused on the Federal Reserve’s balance sheet, and how quickly it decides to unwind it, than the central bank’s forecasts on interest rates. Minutes from the December Federal Open Market Committee, released later in the day, proved that warning correct, as they showed that not only could the balance sheet get reduced soon after rates started rising, but at a faster pace than the previous winddown effort. The Nasdaq Composite (COMP) suffered its worst one-day decline since Feb. 25, 2021, as tech stocks got crushed.
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