MARKET WRAP

The rally off last week’s lows stalled today as investors await key inflation data this week.

The S&P 500 closed flat, while the Nasdaq was up slightly and the Russell 2000 was down nearly 1%.

The Producer Price Index for July will be released tomorrow, while the Consumer Price Index will be released on Wednesday. CNBC notes this Inflation data is crucial for jittery markets facing increased volatility.

Technology was the best-performing sector on the day, driven by gains in Nvidia, up 4%, and Super Micro, up 6%.

JetBlue was a big loser on the day, falling more than 20% after the airline said it plans to sell $400 million of five-year convertible senior notes.

MRKT MATRIX: August 12, 2024

Today’s Top Stories:

• Stocks wobble as traders struggle to build on last week’s comeback (CNBC)

• Bear market is coming in 2025, warns David Roche, but the Fed will step in before it turns ‘draconian’ (CNBC)

• Fed’s Bowman Sees Upside Inflation Risk, Signals Caution on Cuts (Bloomberg)

• Three-year inflation outlook hits record low in New York Fed consumer survey (CNBC)

• 5 Big Takeaways From This Earnings Season (WSJ)

• Market Is Punishing Negative EPS Surprises More Than Average for Q2 (FactSet)

• Apartments, hockey rinks and Amazon warehouses: Macy’s closures will set off a wave of change at shopping malls (CNBC)

• Harris Leads Trump in Three Key States, Times/Siena Polls Find (NY Times)

• U.S. crude oil rallies more than 3%, tops $79 as Pentagon sends more forces to Middle East (CNBC)

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

The Other Side of Growth

Dan Nathan, Guy Adami, and Liz Young Thomas discuss the recent market volatility and the economic outlook for the week ahead. They examine last week's market moves, the performance of the S&P 500, and the 10-year Treasury yield. The team highlights key economic data releases, including the PPI and CPI, and their potential impact on rate cuts and market volatility. They also delve into consumer sentiment, corporate earnings from major retailers like Walmart and Home Depot, and the broader implications of earnings from the 'Mag Seven' tech stocks. The discussion extends to the unemployment rate, the likelihood of a recession, and the potential for more activist investor activity in struggling companies. They conclude with their expectations for small caps and inflation data, setting the stage for the upcoming Jackson Hole symposium.

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