The sky's the limit? Evercore predicts US stocks are set to break record highs.

Market IntelWednesday, Feb 12, 2025 1:50 am ET
1min read

Evercore ISI's head of technology analysis, Rich Ross, believes the S&P 500 and Nasdaq 100 are "imminently" set to break above their all-time highs. Ross expects the S&P 500 to surpass 6,130, with a target of 6,400-6,500 by the first half of the year. The S&P 500 currently stands at 6,059. In addition, he claims Nvidia (NVDA.US) has bottomed out, the dollar and the 10-year U.S. Treasury yield are topping out; copper prices are rising while oil prices are "leaking." He states, "all in all, the S&P 500 and Nasdaq 100 are imminently breaking above their all-time highs." Ross explains that Nvidia "and its IT equipment in the AI space" must be bought on a bottom after its key support, which defined the two-year bull trend, rising 1300%, bottoms out. Despite Nvidia's 1.44% year-to-date decline, Ross expects the stock to reach $200. Regarding the dollar, he sees a "highly confident sell" signal, as "you can bet the bottom of the dollar at 110." The current index is 108. He also sees the dollar bottoming against the Canadian dollar, Chinese yuan, Swedish krona, and Swiss franc, with "upside risk" now. Ross says the 10-year Treasury yield target is 4.25-4.15, "the Treasury yield has precisely tracked the dollar and will follow it lower, boosting stocks." Oil remains weak, he says, "should be viewed as a sell unless traders get a brief bounce near the 100-day moving average," with a target of $65. Moreover, he claims copper prices have risen 16% year-to-date, compared to 1% for oil, as the dollar weakens and the three-year tightening cycle finally eases, yielding to a peak.