My colleague Robert Rapier wrote an insightful Investing Daily article, published April 30, that underscores how CNBC often provides misleading financial advice.

I’m reminded of what comedian Jon Stewart once said: “If I had only followed CNBC’s advice, I’d have a million dollars today, provided I started out with 100 million dollars.”

During the trading day, I usually keep the television in my home office tuned to CNBC, but mostly for the raw data. I also watch for contrarian indicators. For example, if Jim Cramer starts jabbering like a chihuahua about the wonderful prospects of a certain stock, it might be time to short the stock.

I’ve noticed in recent days that the immaculately coiffed pundits on CNBC have been warning of what they call an impending “tech wreck,” due to excessive valuations and elevated interest rates.

“Tech wreck” makes for a catchy phrase on a chyron. I always assume that such predictions from the network will have scant bearing on what actually happens.

Sure enough, tech stocks have surged lately, especially as quarterly earnings from most of the sector’s large caps beat expectations on the top and bottom lines.

Consider tech mega-cap Tesla (NSDQ: TSLA). The electric vehicle maker’s stock surged this week, playing a significant role in boosting not only the tech sector but also consumer discretionary stocks. TSLA jumped 15.31% on April 29 alone, on news of tentative approval from Chinese regulators for its Full Self-Driving technology.

Let’s review the latest market action, with an eye on the technical and fundamental factors and not the opining of TV pundits. The evidence suggests that the equity rally, even in the (admittedly) pricey tech sector, has further to run.

Tech stocks may blow off some froth in the coming weeks, but a “wreck” on the magnitude of the dot.com bust in 2000 is highly unlikely.

Diverse sector leadership has characterized the market’s performance in recent days, as a majority of S&P 500 sectors rebound, notably driven by consumer discretionary and utilities stocks.

Across the globe, Asian markets also are on an upward trajectory, while European markets have been mixed due to softer-than-expected economic data.

Treasury yields are finally showing signs of easing, with the 10-year yield settling at 4.61% and the 2-year yield at approximately 4.98%.

The benchmark 30-year U.S. Treasury yield hovers at 4.78%, which is uncomfortably high but apparently stabilizing (see chart).

To be sure, the recent rise of bond yields is a headwind for equities, especially growth-oriented plays. But in a positive development for inflation fighters, oil prices haven’t risen as much as expected, with geopolitical turmoil exerting only limited effect on crude.

This week promises a wealth of economic data, with key events including the Federal Open Market Committee (FOMC) meeting on Wednesday and the nonfarm-payrolls report on Friday. Market consensus predicts the Fed will maintain its policy rates.

Wall Street will closely parse Fed Chair Jerome Powell’s post-meeting commentary for insights into future rate adjustments, given the hotter-than-expected inflation data so far this year. My perspective is that inflation will likely diminish in the coming months, paving the way for rate cuts later in the year, most likely in September instead of June.

Earnings season remains in full swing, with over 170 S&P 500 companies slated to report, including tech giants Apple (NSDQ: AAPL) and Amazon (NSDQ: AMZN). So far, 80% of S&P 500 companies have surpassed earnings projections

Healthy corporate profit growth is pivotal to sustain the rally. The good news is, estimates for full-year 2024 call for S&P 500 earnings to grow by over 10% on a year-over-year basis.

The pullback earlier this month in both stocks and bonds coincides with rising yields due to heightened inflation levels. Despite these setbacks, I maintain a positive outlook for equity markets, albeit with occasional pullbacks along the way as monetary uncertainties continue amid stretched valuations.

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John Persinos is the editorial director of Investing Daily.

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This article previously appeared on Investing Daily.