Glen Smith says strong earnings and historical midterm trends support a positive market outlook, but high expectations make forward guidance increasingly important. He favors healthcare and financials, including JPMorgan Chase (JPM), Johnson & Johnson (JNJ) and UnitedHealth (UNH), and remains bullish on AI names Nvidia (NVDA), Broadcom (AVGO), Lam Research (LRCX), HPE (HPE) and Micron (MU) while warning against overconcentration and debt-heavy plays like CoreWeave (CRWV). Smith is watching inflation, jobs and the Strait of Hormuz for clues on the Fed’s December decision, with his base case for rates to remain unchanged.
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