Nasdaq, S&P 500 Tip to Upside
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With a forward price-to-earnings multiple (P/E) of just 15.5, the stock looks downright cheap, compared to this long-term opportunity. For comparison, the Nasdaq100 index has an average estimate of 26, while AI hardware leader Nvidia trades for 28 times its projected earnings.
This article will be updated throughout the day, so check back often for more daily updates. The Vanguard S&P 500 ETF (NYSEMKT: VOO) lost nearly 1% on Monday, and as Tuesday dawns is continuing to slide,
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However, most of these stocks are clustered in the range of 25 to 30 times next year's expected earnings. Those are not historically cheap levels. This has led many investors to conclude that the market is overvalued and ripe for a pullback -- and a correction wouldn't surprise me.
Wall Street bounced back from this week’s losses early Wednesday ahead of the latest earnings report from Nvidia, considered a bellwether for artificial intelligence sector.