MARKET WRAP

A new record close for the Nasdaq as stocks kick off the second half of the year. 

The tech-heavy index was up 0.83%, while the S&P 500 was up 0.27%.

No surprise that technology was the top sector, up 0.62%. Materials, Industrials and Real Estate were all down more than 1%.

Tesla was the top performer on the single-stock front, up 6%.

Other big gainers include Merck, Apple, and Goldman Sachs. 

Norwegian Cruise and Carnival were the biggest laggards, down 6% and 5.4%, respectively. Those declines come as the southeastern Caribbean region braces for Hurricane Beryl.

MRKT MATRIX: July 1, 2024

Today’s Top Stories:

• Stocks rise to start the second half (CNBC)

• Why It Could Be a Cruel Summer for the Stock Market (Barron’s)

• Apollo’s chief economist calls the S&P 500 ‘vulnerable’ as it hovers just below all time high of 5,523—here’s what has him worried (Fortune)

• Boost returns in your 60/40 portfolio with ‘the magnificent others,’ AllianceBernstein says (CNBC)

• Goldman’s Kostin Says US Earnings Bar Is Set Highest Since 2021 (Bloomberg)

• Even a Slowly Cooling Labor Market Often Ends With a Recession (WSJ)

• NIO Inc. Provides June and Second Quarter 2024 Delivery Update (Nio)

• Tesla rises ahead of Q2 deliveries report (Reuters)

• Chewy Shares Whipsaw After Keith Gill Reveals $245 Million Stake (Bloomberg)

• Boeing Scoops Up Spirit AeroSystems, Its Troubled 737 Supplier (WSJ)

• Meta’s Ad-Free Facebook Plan Comes Under Fire in the EU. What Happens Next. (Barron’s)

• Tech Industry Wants to Lock Up Nuclear Power for AI (WSJ)

• 24-Hour Stock Trading Is Booming – and Wall Street Is Rattled (Bloomberg)

• Boston Celtics to Be Put Up for Sale After Winning NBA Title (Bloomberg)

Today’s MRKT Call is Presented by SoFi

Stocks Rise to Start the Second Half

Dan Nathan and Liz Young break down the top market headlines and bring you stock market trade ideas for Monday, July 1st.

Timecodes

• 0:00 - S&P 500

• 16:00 - Seasonality

• 21:30 - Rates/Data

• 29:00 - Homebuilders

• 31:00 - JPM/WFC/BA

• 33:30 - Sectors To Watch

• 43:00 - Q&A

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