MARKET WRAP

Stocks were higher today ahead of a busy week for earnings and the two-day Fed meeting.

On Semiconductor was the best-performing stock, up more than 12% after reporting better-than-expected earnings.

Tesla was another standout, rallying more than 5% after Morgan Stanley’s Adam Jonas named it the top US auto stock pick.

MRKT MATRIX: July 29, 2024

Today’s Top Stories:

• S&P 500 rises ahead of major tech earnings reports set for later this week (CNBC)

• S&P 500 faces greater downside risk ahead, Bank of America says (CNBC)

• It’s a Cruel Summer for Big Tech Stocks (WSJ)

• Investors are punishing stocks that miss earnings more than normal this season (CNBC & FACTSET)

• McDonald’s Earnings Were Terrible. Why The Stock Is Rising. (Barron’s)

• Apple releases first preview of its long-awaited iPhone AI (CNBC)

• Apple's AI Features Rollout Will Miss Upcoming iPhone Software Overhaul (Bloomberg)

• Traders Fret as 32-Hour Central Bank Spree Hangs Over Market (Bloomberg)

• Trump Adds Crypto to His ‘America First’ Agenda (WSJ)

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

The Mama’s And The Papa Powell + What’s Next For Crypto with Chris Rhine

Guy Adami and Liz Young discuss consumer behavior amid inflation, and specific company performances like McDonald's recent struggles. Additionally, predictions about the Federal Reserve's interest rate movements and the implications of recent economic data, including jobs and inflation, are discussed.

Guy Adami and Kaitlin Malin of iConnections speak with Chris Rhine, of Galaxy Digital. Chris shares his career journey, beginning at BlackRock and transitioning through roles at Cohen & Steers before joining Galaxy Digital. They discuss the latest trends in the crypto market, including the impact of crypto ETFs, regulatory developments, and the differences in performance between large-cap and smaller, more speculative coins. Chris highlights the increased accessibility of crypto investments through brokerage accounts, the easing regulatory landscape, and the ongoing legal battles involving the SEC. They also delve into the geopolitical and technological factors influencing crypto adoption and the significant role of institutional investors.

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