MARKET WRAP

Stocks were higher today after the CPI report came in with its lowest reading since March 2021, a sign that inflation is easing. 

The S&P 500 was up 0.38%, closing higher for the fifth straight day. The Nasdaq closed slightly higher, while the Russell 2000 was down 0.52%. 

The financial sector was the top performer, up more than one percent. Progressive was the top stock within the group, up more than 5%. 

On the single-stock front, Intel and Tesla were among the worst-performers in the S&P 500 on the day, both down around 3%.

MRKT MATRIX: August 14, 2024

Today’s Top Stories:

• S&P 500 closes higher for fifth straight day as easing inflation bolsters rate cut hopes (CNBC)

• 1 big thing: Inflation can take the back seat (Axios)

• Mortgage refinancing surges 35% in one week, as interest rates hit lowest level in over a year (CNBC)

• The Big Risk for the Market: Becoming an AI Echo Chamber (WSJ)

• Hon Hai Shipments of Next-Gen Nvidia Chips to Be Limited in 2024 (Bloomberg)

• US Considers a Rare Antitrust Move: Breaking Up Google (Bloomberg)

Today’s MRKT Call is Presented by SoFi

Recession Signals In The Air?

Dan Nathan, Guy Adami and Liz Young Thomas break down the top market headlines and bring you stock market trade ideas for Wednesday, August 14th.

Timecodes

• 0:00 - Inflation + SPX Levels

• 19:30 - HD & WMT

• 29:45 - CSCO

• 39:30 - Audience Q&A

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

Being Human in the Age of AI with Joe Marchese

Dan Nathan is joined by Joe Marchese, General & Build Partner at Human Ventures, for an in-depth discussion on the intersection of human attention and generative AI. They explore Joe's recent article, 'Human Attention is All You Need,' which critiques the reliance on algorithms over trust in building brands. They also discuss the role of AI in the stock market, focusing on companies like NVIDIA, Meta, and Amazon. The conversation delves into the implications of AI on advertising, commerce, and brand building, and reflects on the broader economic impacts. Additionally, they talk about the challenges and opportunities for startups in the AI space, the future of media and advertising platforms, and the potential for brand erosion due to over-reliance on performance marketing. The episode concludes with insights on the future of generative AI, market valuation, and the importance of building consumer trust.

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