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RiskReversal Recap: July 10, 2024

RiskReversal Recap: July 10, 2024

The Stock Market Rally That Won't Quit

RiskReversal Media
July 10, 2024

MARKET WRAP

More record highs for stocks today, with the S&P 500 crossing above 5600 for the first time ever and closing up 1%.

The Nasdaq Composite was also up 1%.

Chip stocks were among the big winners. The SMH semiconductor ETF gaining nearly 2.5%. The move comes as Taiwan Semi beat its June sales expectations. That stock was up 3.6% today.

According to CNBC, 20 stocks in the S&P 500, including TJX, Royal Caribbean, Citigroup, Eli Lilly, and Apple, hit new 52-week highs.

On the other hand, nine stocks, including Lululemon, Nike, and Halliburton, hit new 52-week lows.

The record highs for the major indices come ahead of the CPI report on Thursday. According to Liz Young Thomas of SoFi, so far in 20-24, the S&P 500 has risen when the CPI came in cold and fallen when it was hot but bounced back a day later.

The CPI report will play an important role in the Fed’s decision to cut interest rates.

MRKT MATRIX: June 26, 2024

Today’s Top Stories:

S&P 500 rises, breaks above 5,600 for the first time (CNBC)
Tesla Stock Is On a Tear (WSJ)
Latest Company Earnings Show Signs of Consumer Distress (Bloomberg)
Apple Aims to Ship 10% More New iPhones This Year After Bumpy 2023 (Bloomberg)
How Apple could double its revenue growth, according to top analyst Laura Martin (CNBC)
Microsoft, Apple Drop OpenAI Board Plans as Scrutiny Grows (Bloomberg)
OPEC Holds Oil-Demand View Steady, Expects Faster Economic Growth (Bloomberg)

Today’s MRKT Call is Presented by SoFi

Will Market Volatility Ever Return?

Dan Nathan, Guy Adami and Liz Young break down the top market headlines and bring you stock market trade ideas for Wednesday, July 10th.

Click here to access all of the charts mentioned in today’s MRKT Call.

Today’s Okay, Computer. is Presented by RBC and Current

After The AI Gold Rush with Guy Adami

Dan Nathan and Guy Adami discuss recent market trends, focusing on the NASDAQ's highs and the outperformance of semiconductor stocks, particularly NVIDIA. They also delve into enterprise software performance, with companies like Salesforce and Adobe dipping in the market. The conversation shifts to AI developments, highlighting Elon Musk’s moves with xAI and the competitive landscape involving OpenAI, Alphabet, and Anthropic. The guys touch on Apple's market cap surge post-WWDC and debates surrounding its valuation. Furthermore, they examine Tesla's stock performance and its AI-driven initiatives, despite recent struggles in the auto sector. Lastly, the duo analyze Meta and Alphabet's promising valuations and revenue growth potentials amidst the broader tech landscape.