MARKET WRAP

Stocks finished higher today after a volatile week for the markets. 

The S&P 500 and Nasdaq were up around 1%, while the Russell 2000 was up 1.6%. 

3M was the best-performing stock, surging more than 20% for its best day in 40-plus years after reporting better-than-expected earnings. 

Conversely, medical device maker Dexcom was the worst-performer, sinking 40%. CNBC notes the company released disappointing fiscal full-year guidance. 

All eleven S&P sectors were positive, with Real Estate, Industrials and Communication Services outperforming, up nearly 2%.

MRKT MATRIX: July 26, 2024

Today’s Top Stories:

• Dow surges more than 600 points, fueled by latest earnings and inflation data (CNBC)

• S&P 500 Earnings Season Update (FactSet)

• Fed’s Favored Price Gauge Rises at Mild Pace, Spending Holds Up (Bloomberg)

• BofA Says Cooling Economy Will Crack Big Tech Rally Even More (Bloomberg)

• Nvidia could be on the verge of a massive technical sell-off, chart analyst warns (CNBC)

• Morgan Stanley Moves Forward on Homegrown AI (WSJ)

• JPMorgan pitches in-house chatbot as AI-based research analyst (FT)

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

Market Volatility & Value Investing: Insights Revealed from "The Big Short" Investors

Dan Nathan, Guy Adami and Danny Moses discuss the impact of generative AI on tech stocks, particularly focusing on NVIDIA's fluctuating performance. They analyze market volatility, the potential end of the AI-driven rally, and impending earnings reports from major tech companies like Microsoft and Meta.

After the break, Vincent Daniel and Porter Collins speak with their "Big Short" co-star Danny Moses about stock picking in volatile markets. The guys dive into some idiosyncratic ideas in sectors like recycling technology, tobacco & sports gambling. The conversation touches on the macroeconomic landscape, including Fed rate cut speculations, consumer spending trends, and the health of the financial sector.

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