MARKET WRAP

Stocks fell from record highs today.

The S&P dropped 0.76%, the Nasdaw was down 1.01% and the Russell 2000 was up 0.29%.

The move comes as chip stocks dragged down the tech sector. The SMH fell 5%, as Nvidia, AMD and ASML got hit hard

Energy was the worst-performing sector, down 3%. Technology was behind it, down 2%. Real estate and Consumer Staples were the top performers on the day.

Despite today’s declines, CNBC notes the three major averages are higher on the month and seem on track to overcome a historically volatile season.

Investors will be paying close attention to earnings. So far, about 40 S&P 500 companies have reported third-quarter results. Of those, 80% have beaten analyst expectations, per FactSet.

MRKT MATRIX: October 15, 2024

Today’s Top Stories:

• Dow closes 300 points lower, retreating from record; Nvidia drags down Nasdaq (CNBC)

• Chip firm ASML shares plunge 15% after warning of weaker China sales in early release (CNBC)

• US Weighs Capping Exports of AI Chips From Nvidia and AMD to Some Countries (Bloomberg)

• Apple hits an all-time high as new smartphone data sides with the bulls in a sea of negativity (CNBC)

• Wall Street Banks Notch Surprise Trading Haul on Stocks Bonanza (Bloomberg)

• Boeing to Sell at Least $10 Billion in Shares to Plug Cash Drain (WSJ)

• China stocks drop after trade data disappoints with Hang Seng tanking 4%, CSI 300 falls over 2% (CNBC)

• Trump Says Growth to Outpace Feared Debt, Inflation From Agenda (Bloomberg)

Today’s MRKT Call is Presented by SoFi

Take Your "Chips" Off The Table?

Dan Nathan, Guy Adami and Liz Young Thomas break down the top market headlines and bring you stock market trade ideas for Tuesday, October 15th. John Butters also joins the stream to dissect his latest Earnings Insight report.

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