Stocks Likely to Rally Into Year-End, Says Nuveen's Malik

Earnings and Expectations - Companies are likely to beat EPS, driven by tech, with expectations around 7%-8% in Q3 [1] - Analysts have been raising estimates coming into Q3 earnings season, unlike typical earnings seasons [3] - Companies can beat earnings again, probably printing in the low double digits [3] Consumer Trends - The high-end consumer has stayed strong, while the lower-end consumer has struggled [6] - There is no significant impact from tariffs in terms of spending and consumer sentiment yet, but potential impact in holiday season or early 2026 [6][7] Technology and AI - Tech stocks are expected to lead earnings growth [3] - AI and MAG Seven stocks can continue to drive the market higher, with Alphabet being a preferred choice [10] - Google's advertising business is not significantly at risk because of OpenAI, and Google Gemini has a lot of upside [10] - The winners in AI are large mega-cap companies like Alphabet, Microsoft, NVIDIA, and Broadcom, with low supply [12] - Infrastructure, particularly data centers, is a top pick, especially those supporting AI [14] Market Outlook - Q4 is normally a strong quarter from a seasonal point of view, especially when the market is up substantially year to date [13] - Odds are in favor for the rally to continue [13]