MARKET WRAP

Stocks rallied today on the heels of the first of two major inflation reports this week.

The S&P 500 was up 1.7%, the Nasdaq rallied more than 2% and the Russell 2000 was up 1.8%.

This after a cooler PPI print, which was viewed as an encouraging sign for investors ahead of the CPI report tomorrow. 

CNBC notes today’s rally added to the strong gains seen late last week, with the market further recovering from the steep August 5th sell-off. Since that close, the S&P 500 has popped 4.2%.

Technology was the best-performing sector, up 3%, followed by Consumer Discretionary and Communication Services. 

Energy was the only sector to close in the red, down nearly 1%. 

All of the Magnificent 7 stocks were up, with Nvidia rallying more than 6% and Tesla up 5%. 

Other top performers include Starbucks, which was up 24.5% for its best day ever, Estee Lauder, Intel, and Nike.

MRKT MATRIX: August 13, 2024

Today’s Top Stories:

• Stocks rally as tame inflation data fuels market comeback (CNBC)

• Starbucks replaces CEO Laxman Narasimhan with Chipotle CEO Brian Niccol (CNBC)

• Home Depot expects sales to weaken as consumers grow more cautious (CNBC)

• Goldman, JPMorgan Say Markets Pricing in Higher Recession Odds (Bloomberg)

• Morgan Stanley’s Wilson Sees Few Signs of Bear Market in Stocks (Bloomberg)

• ‘We haven’t seen the bottom in this correction’: Dan Niles names 2 tech stocks to ride out a potential recession (CNBC)

• Is Netflix recession resistant? JPMorgan thinks so (CNBC)

• GM Cuts China Jobs as It Resets in World’s Biggest Car Market (Bloomberg)

Today’s MRKT Call is Presented by CME Group

Stocks Rally Off Inflation Report

Dan Nathan and Guy Adami break down the top market headlines and bring you stock market trade ideas for Tuesday, August 13th.

Timecodes

• 0:00 - Macro Outlook

• 13:30 - Crude/Energy

• 20:15 - DE & CAT

• 23:10 - SBUX, CMG & NKE

• 28:00 - LULU Trade

• 33:30 - Gold & Wrap

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