Nvidia, tech rally woes 'shortsighted': IG North America CEO

Following the release of the August Consumer Price Index (CPI) report, IG North America CEO JJ Kinahan joins Brad Smith and Seana Smith on the Morning Brief to provide some perspective on retail investors' tech trades ahead of any potential interest rate cuts. "We have seen Nvidia (NVDA) come into some troubles recently, but I think you have to keep that in perspective that the stock is still up over 100% year to date," Kinahan says. "Overall, I think it's really, sort of shortsighted to say that technology will not continue to lead us," Kinahan tells Yahoo Finance. He notes that monetizing artificial intelligence (AI) spending will be "key" to a continued tech rally. Kinahan indicates that Nvidia remains a top name among Tastytrade's retail clients. Alongside Nvidia, he highlights that clients also seem bullish on Ulta Beauty (ULTA) and the United Parcel Service (UPS) while there was broad bearishness around Lululemon (LULU), Qualcomm (QCOM), and Disney (DIS). For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Naomi Buchanan.