MRKT MATRIX: October 11, 2024

Today’s Top Stories:

• Dow jumps 400 points to a record on Friday, S&P 500 closes above 5,800 for the first time (CNBC)

• JPMorgan Chase shares pop 5% after topping estimates on better-than-expected interest income (CNBC)

• Wells Fargo shares jump after earnings top Wall Street expectations (CNBC)

• S&P 500 Will Likely Report Earnings Growth Above 7% For Q3 (FactSet)

• Earnings growth should continue to drive the S&P 500, says UBS (CNBC)

• Tesla shares drop 8% after Cybercab robotaxi reveal ‘underwhelmed’ investors (CNBC)

• US Consumer Sentiment Unexpectedly Falls on High Cost of Living (Bloomberg)

• Jamie Dimon for Treasury Secretary: The Idea That Never Fades (Bloomberg)

• Jalen Brunson Is the Player the NBA Needs Right Now (Bloomberg)

Today’s On The Tape is Presented by CME Group and iConnections

Don’t Say “Goldilocks” with Anastasia Amoroso

Dan Nathan and Danny Moses discuss bank earnings and Tesla's highly anticipated Robo Taxi event. Recorded on a Friday morning before market opening, the conversation explores JP Morgan and Wells Fargo's performance, noting their trading positions and sentiment. The duo also discusses Tesla's event outcomes, including the Robo Taxi reveal and unexplored lower-end EV announcements, resulting in a drop in Tesla stock.

After the break (32:30), Dan is joined by Anastasia Amoroso, Chief Investment Strategist at iCapital. The conversation explores the unpredictable financial year of 2023, marked by the emergence of generative AI, impacts on the S&P 500, and the soft landing of the economy. Anastasia provides insights into market rotations, inflation, and a shifting rate environment, emphasizing the potential benefits of a broader market opportunity. They also examine regional banking crises, the role of AI, the semiconductor industry's investment appeal, and geopolitical risks concerning the Middle East. The episode further discusses the implications of the upcoming U.S. elections on market stability, potential shifts in regulatory focus on megacap tech, and the influence of global events on oil prices. Anastasia outlines why a Goldilocks scenario could sustain a higher market multiple and the future investment opportunities spanning utilities, financials, real estate, and tech sectors. The conversation concludes with analysis of China's economic strategies and their potential regional and global impacts.

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