MARKET WRAP

Stocks rallied for a second day, with big tech leading the charge.

The S&P 500 was up 0.71%, closing at a new record, the Nasdaq was up 0.60% and the Russell 2000 was up 0.18%.

Tech was the top sector, up 1%. Super Micro, Palantir, Broadcom, Oracle, IBM and Walcomm were among the best performers in the group, up 2% or more.

Cruiseliners were the standout stocks on the day. Norwegian was up more than 10% after Citi upgraded it to buy. Carnival and Royal Caribbean were up 7% and nearly 5% respectively.

CNBC notes that more than 30 stocks hit new 52-week highs on the day including Netflix, PayPal, and Home Depot.

MRKT MATRIX: October 9, 2024

Today’s Top Stories:

• Fed officials were divided on whether to cut rates by half a point in September, minutes show (CNBC)

• DOJ indicates it’s considering Google breakup following monopoly ruling (CNBC)

• TSMC’s Sales Beat Estimates in Good Sign for AI Chip Demand (Bloomberg)

• Nvidia shares are up 25% in the last month, rallying near a record ahead of tech earnings (CNBC)

• Companies Had Fun Experimenting With AI. Now They Have to Show the Returns. (WSJ)

• A Godfather of AI Just Won a Nobel. He Has Been Warning the Machines Could Take Over the World. (WSJ)

• Amazon’s Costly Space Race Is Grounding Profit Margin Hopes (WSJ)

• Hurricane Milton Has Reshaped Storm Science Even Before Making Landfall (Bloomberg)

Today’s MRKT Call is Presented by SoFi

What to Buy at Record Highs

Guy Adami and Liz Young Thomas break down the top market headlines and bring you stock market trade ideas for Wednesday, October 9th.

Timecodes

• 0:00 - Intro & Yields

• 8:25 - Financials

• 14:30 - Gold

• 22:00 - China Stocks

• 29:00 - Google & Delta

• 34:00 - Earnings Insight

• 37:45 - Audience Q&A

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

Sign up below to receive daily MRKT Call reminders and early access to the charts featured in the show.

Today’s Okay, Computer. is Presented by RBC and Current

Taking Stock of Waning GenAI Euphoria with Current CTO Trevor Marshall

Dan Nathan is joined by Trevor Marshall, CTO and co-founder of Current, to explore the landscape of tech giants like Microsoft, Apple, Google, and Meta in the realm of AI development and market strategies. The discussion touches on Apple's upcoming iOS 18, Microsoft's AI complexities and its productivity suite, and Google's competitive dynamics in smart glasses. Meta's advancements in wearables and AI integration across platforms are also highlighted. Trevor shares insights into the impact of AI on productivity, the evolving competition between tech giants, and personal experiences with generative AI tools.

Articles On Our Radar

• Microsoft’s AI Story Is Getting Complicated (WSJ)

• Microsoft Pitches AI for Consumers Against Crowded Field of Rivals (Bloomberg Technology)

• Google Searches for Its Footing in Smart Glasses as Meta Gains Ground (The Information)

Listen Here

Subscribe to the RiskReversal YouTube Channel and drop a comment/like to show your support

Want to check out past episodes? Search for “On The Tape,” “MRKT Call,” or “Okay, Computer.” wherever you listen to podcasts

We want to hear your feedback! Reply to this email with any comments or questions