) were such a big part of the 15% that the S&P 500 is higher this year on a year to date basis... But you're seeing basically three or four days where Nvidia has not been leading the charge, and the market's done very well. I think that continues throughout the second half of this year."
The Biden administration has been very hostile to Bitcoin, you know, through its various agencies, whether it's the banking and the so called operation chokepoint 2.0 whether it's the sec et cetera back in 2016, she described what she called the high pressure labor market. And the outlier today, Josh is the NASA composite and there is one stock in particular that is the culprit behind that and that we're really zeroing in on and that stock is Invidia.But we've now seen this sort of 3 to 4 day sell off here, call it three days that we have seen this decline of 11% which is the biggest sell off that we've seen in the stock.And I also just wanted to point out what we're seeing in the market cap race here.
The price to sales ratio for the S and P uh for the NVIDIA, is that the highest in the S and P 500 which I found quite surprising the price to earnings ratio at 45 is no, is nowhere near the highest. I think today is a perfect example and I think you guys set this up really well, I think it's a perfect example of a lot of folks being concerned that NVIDIA and arguably NVIDIA Microsoft and Apple were such a big part of the 15% that the S and P 500 hire this year on a year to date basis.Not that 10% down on a stock that's up 140% year to date, uh, minus that 10, um is, is a big fall.
I think we're going to be on pace to not necessarily have that sort of 3.5% GDP growth that we had in the back half of last year, but something like 2.5% which is certainly above mean and likely enough to be driving profits. So we'll be seeing a 2.6 print on the core likely this week that, that 2.6 is going to be close enough for government work for the, for the fed to actually feel comfortable enough in September for their first rate cut.
And so we entered this year thinking maybe we get five or six rate cuts and they'd start as early as March and that dissipated pretty rapidly through the first quarter and yet the market continued to rally.
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