MARKET WRAP

Stocks clawed back from earlier losses, ending the day close to flatline.

The S&P 500 was down just 0.05%, the Nasdaq was up slightly at 0.18%, while the the Russell 2000 fell 0.29%.

The yield on the U.S. 10-year rose above 4.2% for the first time in three months.

Phillip Morris and General Motors were the top performing stocks in the S&P 500, both up around 10% on the day. We’ll have more on the GM move in a few minutes.

Consumer Staples was the best sector, while industrials was the worst.

MRKT MATRIX: October 22, 2024

Today’s Top Stories:

• Dow wipes out 200-point loss and turns positive as stocks try to regain momentum (CNBC)

• S&P 500 Exposure Hits Levels That Preceded 10% Slide, Citi Says (Bloomberg)

• Paul Tudor Jones says market reckoning on spending is coming after election: ‘We are going to be broke’ (CNBC)

• America’s Most Famous Inflation Gauge Is Easing - But Some of Your Biggest Expenses Are Left Out (Bloomberg)

• Simple Economic Explanations Keep Breaking Down. Here’s Why (WSJ)

• Are the “Magnificent 7” Companies Top Contributors To Earnings Growth For the S&P 500 For Q3? (FactSet)

• GM raises 2024 earnings guidance after easily topping Wall Street’s third-quarter expectations (CNBC)

• Nuclear-Powered AI: Big Tech’s Bold Solution or a Pipedream? (WSJ)

• Nike renews uniform partnership with NBA, WNBA as NFL opens bidding process to competitors (CNBC)

• ASML Chief Sees US Pressure Building for More China Restrictions (Bloomberg)

• Peloton partners with Costco to sell Bike+ as it looks to reach young, wealthy customers (CNBC)

Today’s MRKT Call is Presented by CME Group

Stock Volatility Ahead?

Dan Nathan and Guy Adami break down the top market headlines and bring you stock market trade ideas for Tuesday, October 22nd.

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