The Federal Reserve will begin its policy meeting on Tuesday.
Investors should disregard concerns over high valuations and focus on growth in what is now a 'stockpicker's market,' according to Matt Orton, chief market strategist at Raymond James Investment Management.
Nvidia trades at around 35 times forward earnings, according to FactSet data, and the broader Magnificent 7 trades at an average of around 34 times forward earnings. The S & P 500 , meanwhile, is at a historically high average of 21 times forward earnings. Tet Orton argued that historical comparisons are irrelevant in a much 'growthier' market, and that paying a higher multiple is 'perfectly fair' in this changed environment.
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