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RiskReversal Recap: July 15, 2024

RiskReversal Recap: July 15, 2024

The Russell Resurgence

RiskReversal Media
July 15, 2024

MARKET WRAP

The S&P 500 was up 0.28% and touched an intraday record, while the Nasdaq closed higher by 0.40%. The small-cap Russell 2000 index stood out, up 1.85%, indicating a broadening of the rally.

Energy was the best-performing sector, up 2%. Top stocks in that group include names like APA, up nearly 5%; Halliburton, up 3.7%; Baker Hughes, up 3.4%; and Devon Energy, up 3.4%.

The worst-performing sector was Utilities, which closed the day down 2.5%.

Goldman Sachs rallied 2.5% after the company topped analyst estimates on better-than-expected fixed-income trading. Bank of America and Morgan Stanley are slated to report earnings tomorrow morning.

MRKT MATRIX: July 15 2024

Today’s Top Stories:

Dow rises 200 points to close at a record after Trump survives assassination attempt (CNBC)
Netflix and these other stocks are expected to have the biggest moves on earnings this week (CNBC)
Apple’s India Sales Surge 33% to Record in Shift From China (Bloomberg)
Tesla rally driven by ‘retail puppy love’ and won’t last, warns Wells Fargo (CNBC)
Google Near $23 Billion Deal for Cybersecurity Startup Wiz (WSJ)
Amazon Prime Day expected to set new record in U.S. online spending: Adobe (Axios)
Jay Powell signals growing confidence that US inflation is moving towards 2% target (FT)

Today’s MRKT Call is Presented by CME Group

Will Earnings Drive The Next Big Market Rally?

Dan Nathan and Guy Adami break down the top market headlines and bring you stock market trade ideas for Monday, July 15th.

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

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

A Reckoning For The Consumer

Dan Nathan and SoFi's Liz Young Thomas of dive into the latest market trends, focusing on earnings season, with significant attention to consumer commentary from CEOs. They discuss Jamie Dimon's perspective on higher interest rates for longer, Apple's focus on India vs. China sales, and a potential $23 billion cybersecurity deal involving Google. The episode also explores the implications of the weekend's political events on the markets. Liz provides insights into the financial sector, especially banks' net interest income and margin pressures, and the yield curve inversion's impact on banks. They touch on the labor market, inflation, and how consumers' discretionary spending is cooling. The discussion spans various sectors from consumer staples to small caps, as well as geopolitical influences on global growth, particularly in China. The episode closes with a look at upcoming earnings from major financial institutions and companies like American Express.