MARKET WRAP

The stock market rally took a breather today, with the major indices closing in the red.

The S&P 500 and Nasdaq were both down around a quarter of a percent. The Russell 2000 was down nearly 1% and the VIX hovered around 16.

Energy was the worst-performing sector, falling more than 2%. Names like Valero, Phillips 66, Marathon Petroleum, and Exxon were all down 3% or more on the day.

Consumer Staples and Health Care were the best-performing sectors, both up around 0.3%. This outperformance shows a tilt toward defensive names.

Palo Alto was the top stock today, up more than 7% on strong earnings and a $500 million boost to its stock buyback.

MRKT MATRIX: August 20, 2024

Today’s Top Stories:

• S&P 500 tracks for first losing day in 9 as comeback rally takes a breather (CNBC)

• Lilly’s Zepbound Cut Risk of Diabetes by 94% in Obese People (Bloomberg)

• Lowe’s cuts full-year outlook as it expects weaker home improvement sales (CNBC)

• Boeing pauses tests of 777X aircraft after finding damage to one of the jets’ structures (CNBC)

• Elon Musk’s Twitter Takeover Is Now the Worst Buyout for Banks Since the Financial Crisis (WSJ)

• Share of Job Seekers Highest Since 2014 (Federal Reserve Bank of New York)

• Food Industry Pushes Back Against Kamala Harris’s ‘Price Gouging’ Plan (WSJ)

• The economy-wide bullwhip effect (Axios)

Today’s MRKT Call is Presented by SoFi

Chart Check on Gold, Dollar, Bitcoin & Oil

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Tuesday, August 20th.

Timecodes

• 0:00 - Macro Levels

• 8:00 - Dollar, Gold & Bitcoin

• 15:45 - Crude Oil & Energy Stocks

• 26:20 - Retail

• 32:30 - Audience Q&A

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