Earnings, not the Fed, are what ‘actually matter’ right now: Strategist

Nvidia (NVDA) wrapped up its GTC event on Tuesday with much enthusiasm for the company's new announcements. Wall Street is now turning its focus to the looming outcome of the Federal Open Market Committee's two-day meeting. Baird Managing Director and Market Strategist Michael Antonelli joins Yahoo Finance to discuss why he believes the market's focus should be redirected from the AI rally and the Fed.  Antonelli points to the fact that earnings are at their highest level in history, calling earnings "the next catalyst" for the market: "We keep asking the Fed to cut and they keep saying we're watching and then the CPI comes out hot and then they say we're watching and we just keep doing this cycle. Will they cut? Won't they cut? Does the market care? If CPI is coming in hot, and they keep pushing out cuts, why are we at all-time highs? Does the market just not see this? Clearly it does and I think, again, we're overlooking the simple answer which is that the economy is fine , the consumer is fine, and earnings are rising. The Fed is important, yes, but we are putting way too much importance on dot plots and we need to think about the stuff that actually matters to the market right now." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino