GDP surprise, AI-driven growth ahead: Silvercrest's Robert Teeter

Market Sentiment and Performance - The market has shown strong momentum, particularly in the fourth quarter, with expectations of potentially hitting a 20% mark again [1] - Historically, the second year of a presidential term has seen an average return of about 3.3%, indicating a possible decline in growth despite positive earnings [2][3] - There is an expectation of volatility in the early part of next year, but a strong finish is anticipated [4] Earnings and Valuation - Excellent earnings are expected next year, with a potential rotation from mega-cap stocks to small caps, which may alleviate some valuation pressure on the S&P [7] - Gains may be more muted for mega-cap stocks, while broader market gains could be more pronounced [8] Commodity Market Insights - Silver has recently seen significant demand, with its price surpassing that of a barrel of oil for the first time in decades, indicating strong fundamental support for its gains [9][10] - The demand for silver is driven by trends in AI and electric vehicles, suggesting a shift in consumption patterns [12][13] Federal Reserve and Economic Outlook - The upcoming Fed minutes are expected to have a significant impact on the market, reflecting ongoing debates within the Fed regarding economic conditions and inflation [14][15] - Anticipation of two rate cuts next year is expected to support market performance throughout the year [15]