MARKET WRAP

The stock market’s recovery rally continued today, with the S&P 500 and Nasdaq rising for the 8th straight session.

The S&P was up around 1%, closing above 5600 and now within points of its record high. The Nasdaq was up 1.39%.

All 11 sectors were in the green today, with technology and consumer discretionary leading the pack, up around 1%.

MRKT MATRIX: August 19, 2024

Today’s Top Stories:

• S&P 500 and Nasdaq rise for 8th straight session as recovery rally continues (CNBC)

• Traders Need Fed’s Rate-Cut Signal to Keep Stocks Rallying (Bloomberg)

• Nvidia earnings — not Powell’s speech — will be the big catalyst to end summer, Bank of America says (CNBC)

• Goldman says buy Nvidia with conviction, earnings to top Street next week (CNBC)

• AMD Buys AI Equipment Maker for Nearly $5 Billion, Escalating Battle With Nvidia (WSJ)

• Apple is set to win AI race, but it’s already priced into the stock, says analyst Craig Moffett (CNBC)

• Tech's Infatuation With AI Spending Comes at Cost of People’s Jobs (Bloomberg)

• GM Is Cutting More Than 1,000 Workers From Its Software Business (WSJ)

• Some families expect to go into debt shopping for back to school, reports find. High prices are partly to blame (CNBC)

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

What Markets Want To Hear Out Of Jackson Hole

In this episode of the On the Tape podcast, hosts Guy Adami, Elizabeth Young Thomas, and Dan Nathan discuss upcoming events and economic expectations. With a focus on the Fed's Jackson Hole meeting and the implications of Federal Reserve Chairman Jerome Powell's speech, they analyze potential market movements and the broader economic landscape. The discussion covers topics like market volatility, retail sales, potential job market revisions, and the contrasting perspectives between the stock and bond markets on recession chances. The crew also delve into the performance of major tech stocks and the potential impacts of currency movements, particularly in gold and the Japanese yen, on the market.

Read More

• Liz on Yen Carry Trade Unwind

• Bob Elliott on Market Confusion

• Goldman Cuts US Recession Risk Following Retail Sales, Jobs Data (Bloomberg)

• Tech's Infatuation With AI Spending Comes at Cost of People’s Jobs (Bloomberg)

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