MARKET WRAP

Stocks just closed out the best week of the year.

The S&P 500 gained nearly 4%, while the Nasdaq rallied 5% since Monday. Both indices notched their 7th straight day of gains. The S&P 500 is now 2% off its all-time high hit last month, the Nasdaq is around 5% away from its high.

Starbucks was the best-performing stock on the week, up more than 26%. This comes after it was announced on Tuesday that the company was hiring Chipotle’s CEO as its new chief. Chipotle was the worst-performing stock on the week, down 5%.

Super Micro and Nvidia were other top performers, up 23% and nearly 19% respectively. This marks Nvidia’s best week since May 2023, per CNBC.

Walmart’s rallied around 8% for its best week since 2020 after strong earnings.

On the sector front, Tech was up more than 7%, its best week since 2022, Consumer Discretionary was up 5% and Financials up around 3%.

MRKT MATRIX: August 16, 2024

Today’s Top Stories:

• Stocks rise as market comeback lifts S&P 500 to best week of 2024 (CNBC)

• JPMorgan calls recent sell-off a ‘dress rehearsal’ for what’s to come (CNBC)

• Goldman says keep betting on a ‘soft landing,’ don’t fall for recession or inflation fears (CNBC)

• Markets Are Way Out of Line With Reality, According to These Measures (WSJ)

• Citigroup Calls Time on Popular ‘Trump Trade’ in Bond Market (Bloomberg)

• US Consumer Sentiment Increases for First Time in Five Months (Bloomberg)

• Gold, Oil, and Copper Prices Are Set to Rise, This Energy Analyst Says. What’s Driving Demand Now. (Barron’s)

• The Share of Million-Dollar Homes in America Just Hit an All-Time High (WSJ)

• New US Home Construction Falls to Slowest Pace Since May 2020 (Bloomberg)

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

Market Volatility & The Consumer Conundrum

Guy Adami, Danny Moses, and Dan Nathan are joined by Stuart Sopp, co-founder & CEO of Current. The discussion covers a wide range of topics, including the resilience of the consumer market, the Federal Reserve's impending decisions on interest rates, and the impact of AI on business efficiency. Sopp provides insights into the financial health of Current's customer base, noting significant growth metrics despite broader economic challenges. The conversation also delves into the effects of inflation, the role of technology in economic adjustments, and the future of debt and liquidity in financial markets. Additionally, there's a focus on specific stock performances, market behaviors, and predictions for various economic sectors including a brief discussion on the gambling space.

Timecodes

• 0:00 - Intro

• 2:40 - State of the Consumer

• 16:25 - Macro Environment

• 25:45 - Pickers Market

• 30:05 - Employment Concerns

• 34:45 - What's Driving Markets?

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