MARKET WRAP

The major indices inched higher today for another record close.

The S&P 500 was up 0.07%, marking its sixth straight day of gains, the longest winning run since January, per CNBC. The Nasdaq Composite closed higher by 0.14%.

Tesla was among the top stocks in the S&P 500, up 3.7%, and closing higher for the 10th straight day for its longest streak since June 2023.

According to CNBC, 18 stocks in the index hit new 52-week highs today, including Alphabet, Costco, Applied Materials, Lam Research, and Apple. This marks Apple’s sixth consecutive record close.

On the other hand, 11 stocks, including Lululemon, McDonald’s, Deere, Walgreens Boots Alliance, and Las Vegas Sands, hit new 52-week lows.

Financials was the best-performing sector, up 0.81%. Materials and energy were the worst performers, down 0.9% and 0.66%, respectively.

MRKT MATRIX: July 9, 2024

Today’s Top Stories:

• Powell Says More Good Inflation Data Would Boost Fed Confidence (Bloomberg)

• The Biggest Risk to the Mag 7 Stocks Is How Well They’re Doing (Barron’s)

• Nvidia Stock Gains After Another Analyst Raises Price Target. How High It Could Go. (Barron’s)

• Citi says take profits in AI ‘highfliers,’ gives safe alternatives if tech shares start to fall (CNBC)

• Musk’s xAI and Oracle End Talks on a Server Deal (The Information)

• Boeing deliveries drop 27% in June year-on-year (CNBC)

• BP Stock Drops After Warning of Weaker Refining Margins (WSJ)

• America’s Biggest Nonalcoholic Beer Brand Doubles Its Valuation (WSJ)

Today’s MRKT Call is Presented by CME Group

How High Will Stocks Go?

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Tuesday, July 9th.

Timecodes

• 0:00 - SPX, NDX & Yields

• 19:00 - Crude

• 25:00 - Gold

• 31:30 - Bitcoin

• 35:20 - Restaurants

• 43:00 - Q&A

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