MARKET WRAP

The S&P hit a fresh record high today, closing up 0.77% as investors wait for the next batch of earnings.

The Nasdaq was up 0.87% and the Russell 2000 closed up by 0.63%.

At least 50 stocks were trading at one-year highs, including McDonald’s, BlackRock, United Airlines, Lowe’s and Wells Fargo.

According to CNBC, 30 S&P 500 companies have reported earnings so far, averaging a 5% beat over expectations, an improvement from 3% at this time last quarter.

Bank of America, Citigroup, Goldman Sachs and Johnson & Johnson are due to report tomorrow.

MRKT MATRIX: October 14, 2024

Today’s Top Stories:

• S&P 500 hits record to start the week, traders look to key earnings (CNBC)

• CEOs and Analysts Are at Odds About S&P 500’s Earnings Outlook (Bloomberg)

• Markets and the Fed Have Become Dangerously Data Dependent (WSJ)

• Morgan Stanley sees stabilizing economy boosting cyclical stocks, names its favorites (CNBC)

• Economists Say Inflation, Deficits Will Be Higher Under Trump Than Harris (WSJ)

• Google inks deal with nuclear company as data center power demand surges (CNBC)

• Data centers are suddenly everywhere — but some say "no thanks" (Axios)

• Tesla’s Optimus Robots Were Remotely Operated at Cybercab Event (Bloomberg)

• Taiwan condemns Chinese military drills around island as ‘unreasonable provocation’ (CNN)

Today’s MRKT Call is Presented by CME Group

The Nvidia Call Buying Regime

Dan Nathan and Guy Adami break down the top market headlines and bring you stock market trade ideas for Monday, October 14th.

Timecodes

• 0:00 - Nvidia Call Buying

• 14:00 - Yields & Banks

• 23:15 - Crude Oil Trade Idea

• 26:00 - Goldman & BofA

• 30:15 - US Dollar, Gold & Bitcoin

• 33:30 - Caterpillar + Audience Q&A

Click here to access all of the charts mentioned in today’s MRKT Call.

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

Synchronicity & a Conversation with Pierre-Antoine de Selancy

Guy Adami, Liz Young Thomas of SoFi, and Danny Moses discuss current market trends. The crew delves into the intricate dynamics of stock market relationships, consumer spending, and delinquency rates, offering insights into potential economic scenarios like a 'no landing' situation. Furthermore, they critically analyze the current state of major companies like Boeing, amidst layoffs and strikes, and the impact of financial indicators such as bond market volatility, interest rates, and bank earnings. The episode also covers China's economic strategies, geopolitical concerns, and the ongoing influence of factors such as gold prices and Fed expectations on market sentiments.

After the break (34:00) Guy Adami and Kaitlin Malin speak with Pierre-Antoine de Selancy, managing partner at 17Capital, about the evolution of private equity and private credit. Pierre-Antoine shares his journey in the private equity space, detailing how he co-founded 17Capital and its unique approach to providing credit to general and limited partners. They delve into the company's strategy, such as NAV loans, the current the economic backdrop, competition in private equity, investment strategies, and the importance of innovation and cultural values at 17Capital. Additionally, Pierre-Antoine provides insights into sector trends, particularly in healthcare and software, the current market climate, and how 17Capital navigates risks and manages investor relations in the private credit industry.

Further Reading

• Soft Landing or Hard? Bank Results Show Path to No Landing (WSJ)

Learn more about 17Capital here: https://www.17capital.com

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