MARKET WRAP

Stocks rallied today after Fed Chair Jerome Powell signaled rate cuts are coming.

The S&P 500 and Nasdaq were up around 1% while the small cap Russell 2000 was up 3%.

The yield on the U.S. 10-year hovered around 3.8% in the session.

All of the Mag 7 stocks were higher except for Meta. Nvidia and Tesla were the biggest gainers in the group, both up around 4%.

Consumer Discretionary, Real Estate, Energy, and Tech were the top sectors on the day.

MRKT MATRIX: August 23, 2024

Today’s Top Stories:

• Stocks rise after Powell signals Fed rate cuts ahead (CNBC)

• Key Takeaways From Fed Chair Powell’s Jackson Hole Speech (Bloomberg)

• Why inflation receded without a recession (Axios)

• Retailers Are Sending Mixed Messages About the Economy. What’s the Deal? (Barron’s)

• Nvidia Earnings Are Coming. Big Tech Needs Them to Be Good. (Barron’s)

• Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company, investors (CNBC)

• Surging China EV sales weigh on oil demand, Goldman says Brent could fall to $68 per barrel by next year (CNBC)

• What to Know About Kamala Harris’ Economic Plan (Bloomberg)

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

Market’s Fair Warning with Peter Boockvar

Peter Boockvar from Bleakley Financial Group, shares insights on recent market volatility, interest rates, economic indicators, and the role of AI investments by major tech firms. They also delve into geopolitical impacts on the market, particularly Japan's monetary policies. The conversation covers the state of the U.S. consumer, debt issues, and potential for future QT and QE. They touch upon prospective stock picks in agriculture, energy, and the sports gambling sector.

Checkout the 'Boock Report' on Substack

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