Stock markets initially traded lower after New York Fed President John Williams said inflation is becoming more widespread.
But Clear Harbor Asset Management CEO Aaron Kennon isn't too worried.
"We do think that particularly in the back half of next year, inflation will subside and normalize. Growth is going to subside and normalize as well. We could be setting ourselves up for an interesting and perhaps more constructive equity market as a result."
The Dow ended down nearly two-tenths percent on Thursday, weighed down by a sharp drop in shares of Cisco Systems, which forecast a downbeat profit due to supply chain issues.
But the S&P added a third of a percent; the Nasdaq gained half a percent.
Nvidia was the S&P's top gainer as its shares jumped to a record high. The chipmaker's quarterly revenue soared 50%, beating estimates. It issued a strong forecast for fourth-quarter revenue, betting on growth in its data center business.
Investors went shopping for shares of Macy's and Kohl's, sending their stock prices sharply higher. The two major department store chains raised their annual earnings guidance. Early moves to stock up for the holidays paid off for Macy's, enabling it to sidestep supply chain snarls. Kohl's said it's well positioned for the holiday season.
