MARKET WRAP

The Dow Jones Industrial Average closed at a new record high, while the S&P 500 and Nasdaq Composite closed lower.

CNBC notes traders appear to be rotating out of tech and into other areas of the market. Chip stocks like Super Micro, Broadcom, Micron Technology and Lam Research led to the downside, all losing more than 3% with Super Micro dropping 8%.

The best-performing sector on the day was energy, up nearly 1%, energy stocks Eccon and ConocoPhillips were both up around 2%. Consumer Staples and Utilities were the other top-performing sectors.

Even as the major indices remained under pressure today, the S&P 500 is within 1% and the Nasdaq Composite is roughly 5% away from the respective July highs.

MRKT MATRIX: August 26, 2024

Today’s Top Stories:

• Dow touches new record then struggles, S&P pulled down by tech (CNBC)

• Goldman’s Rubner Sees S&P 500 New High This Week, Spurring FOMO (Bloomberg)

• Fed’s Preferred Price Gauge Is Set to Reinforce Rate Cuts (Bloomberg)

• Nvidia Stock Price Levels to Watch as Earnings Report Looms (Investopedia)

• Apple’s iPhone 16 launch event is set for September (The Verge)

• Apple Explores Robotics in Search of Life Beyond the iPhone (Bloomberg)

• What Is Alphabet Worth Without Google Search? This Analyst Has an Estimate. (Barron’s)

• Lululemon ‘Dupes’ Are Just as Cool With the TikTok Crowd (WSJ)

• The valuation opportunity (Axios)

• The Plug-In Hybrid Car Starts to Win Over Buyers (WSJ)

• SpaceX’s Risky Next Mission: The First Private Spacewalk (WSJ)

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

3 Things To Watch In The Stock Market This Week

On this latest episode of the "On the Tape" podcast, hosts Guy Adami, Liz Young Thomas, and Dan Nathan discuss market trends and Federal Reserve updates. They reflect on Fed Chair Jerome Powell's recent comments and his effective communication strategy while anticipating the upcoming interest rate cuts. The conversation shifts to the performance of various sectors amidst a falling dollar and rising gold prices, emphasizing the importance of shifting investment focus to utilities, healthcare, and defensive stocks. They also analyze the implications of NVIDIA's earnings report, which is expected to significantly impact the tech sector and broader market dynamics. The hosts highlight the need for careful investment strategies as the market approaches potential volatility and economic shifts, particularly in the context of consumer spending and enterprise software trends.

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