MARKET WRAP

Stocks closed at record highs on the holiday-shortened trading day. The S&P 500 was up 0.51%, while the Nasdaq composite was up 0.88%. Nvidia and Tesla helped drive the rally, closing up 4.57% and 6.54%, respectively. 

Technology was the top-performing sector, up 1%, while Health Care was the worst-performer, down 0.8%

MRKT MATRIX: July 3, 2024

Today’s Top Stories:

• S&P 500 inches higher as investors shake off weak data in shortened session (CNBC)

• 10-year Treasury yield tumbles after weak economic data (CNBC)

• Trump’s tariff plans could lead to five extra Fed rate hikes, Goldman Sachs chief economist says (MarketWatch)

• Fourth of July barbecue staples feel sting of inflation (Axios)

• Gas prices rise as Americans hit the road for holiday weekend, with more increases expected (Yahoo Finance)

• Analyst Dan Ives raises Tesla price target to $300, sees $400 possible in 2025 (CNBC)

• Ford sales edge 1% higher in the second quarter, led by trucks (CNBC)

• Bezos to Sell $5 Billion of Amazon as Shares Hit Record High (Bloomberg)

• Apple to join OpenAI’s board in observer role (FT)

• AI pushes Google emissions upward (Axios)

• The Underground Network Sneaking Nvidia Chips Into China (WSJ)

• JPMorgan’s Kolanovic to Exit Amid String of Poor Stock Calls (Bloomberg)

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

The Cycle Is Coming with Helima Croft

Guy Adami is off for the week so it's just Dan Nathan and Danny Moses left to delve into the latest market trends. After the break, the guys are joined by Helima Croft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets, who shares her expertise on commodity market volatility, OPEC negotiations, and global factors influencing oil prices. The discussion also covers Federal Reserve Chair Powell’s comments on inflation, bank earnings, and the effects of Middle Eastern geopolitical tensions on the energy sector. The episode explores intricate dynamics involving Iran and Russia, potential changes in U.S. administration policies, and the ramifications for energy stocks and major tech and retail companies amid current economic conditions.

Timecodes

• 00:00 - Welcome to On the Tape Podcast

• 01:30 - Market Volatility and Fed Chair Powell's Speech

• 02:18 - Analyzing the Upcoming Jobs Report

• 05:55 - Bank Earnings and Market Sentiment

• 10:40 - Tech Stocks and AI Developments

• 18:20 - Retail Giants: Walmart and Costco

• 23:03 - Apple's AI Ambitions and Market Position

• 29:25 - Tesla's Q2 Deliveries and Market Reaction

• 36:00 Helima Joins The Pod

• 42:25 - Oil Market Dynamics and Geopolitical Factors

• 50:32 - US Energy Policy and Global Implications

• 56:33 - Iran and Middle East Tensions

• 01:08:00 - Russia's Energy Strategy

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