Introduces Kenny Polcari, partner and chief market strategist at SlateStone Wealth, to give his thoughts on the market.
Opening Bell host
Kenny Polcari
The market is in an interesting place in the middle of earnings season. Tonight kicks off tech earnings with Seagate and Texas Instruments, which will set the tone ahead of Meta, Microsoft, Apple, and Tesla.
Kenny Polcari
Identifies Seagate, Western Digital, and Micron as the 'triple threat' in the memory space, which is a key bottleneck for AI and has seen explosive growth.
Asks what's driving AI, the memory space, and tech stocks higher.
Opening Bell host
Kenny Polcari
The tech/AI narrative is far from over and is not a bubble. Tech companies are real with real earnings and products. Tech should have a significant position in portfolios.
Asks if he believes earnings are improving and will thus improve stocks.
Opening Bell host
Kenny Polcari
Is in that camp. Expects double-digit earnings growth this quarter and continued growth through the year, forming the basis for a broader market move.
Asks if the S&P could go up 10% this year.
Opening Bell host
Kenny Polcari
Yes, 100%. Thinks the S&P will go up 10-15%. Expects a pullback first due to midterm election volatility, which would be a buying opportunity.
Asks what he tells worried retirees and if he looks outside US stocks, fixed income, or commodities.
Opening Bell host
Kenny Polcari
For retirees, geopolitical noise is just that—noise. Portfolios should reflect risk tolerance. For diversification, looks at European and emerging market stocks via ETFs like EEM and EAFE. Fixed income has a place for those seeking stability, but he personally prefers equities.