"2024 Stock Market Outlook: Nvidia, Inflation, and Economic Concerns"

Nomura's Charlie McElligott discusses two potential threats to the stock market: a potential Nvidia earnings miss and a revival in inflation due to policymakers at the Federal Reserve allowing the U.S. economy to "run hot." The latter could lead to a contraction in valuation multiples and a brutal equities thematic reversal, causing crowded bets on the largest growth stocks to unwind. Nvidia's upcoming earnings report and the possibility of reflation are key concerns for the market, as just four stocks have driven nearly 75% of the S&P 500's total return in 2024.