RiskReversal Recap: June 13, 2024

S&P Closes at Record High for Fourth Straight Day

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RiskReversal Media
June 13, 2024

MARKET WRAP

The S&P 500 notched its fourth straight record close. The S&P closed higher by 0.23% while the Nasdaq Composite, which also closed at a record, was up 0.34%

Inflation data continued to cool. May’s producer price index fell 0.2% from the month prior. That report comes a day after May’s consumer price index rose less than expected.

Technology was the best-performing sector on the day, up 0.79% and driven by gains in Broadcom and Super Micro, both up more than 12%.

The Communications Services was the worst performing sector, down 0.75% percent.

MRKT MATRIX: June 13, 2024

Today’s Top Stories:

  • S&P 500 posts its fourth straight record close, buoyed by cooler inflation data (CNBC)

  • UBS says S&P 500 could rally past its bullish target because of falling inflation and rates (CNBC)

  • Treasury Secretary Yellen says U.S. debt load is in ‘reasonable place’ if it remains at this level (CNBC)

  • Broadcom Reclaims the AI Stock Spotlight. Why There Could Be More to Come. (Barron’s)

  • OpenAI’s Annualized Revenue Doubles to $3.4 Billion Since Late 2023 (The Information)

  • Steve Eisman says this is one of the more interesting things on the AI boom he’s heard in a long time (CNBC)

  • Ford Motor Expands EV Sales, Service to All U.S. Dealers (WSJ)

  • Tesla shares up after Elon Musk says he is set for victory in $56 billion pay vote (CNBC)

  • From dying mall brand to Wall Street winner: How Abercrombie & Fitch pulled off retail’s biggest comeback (CNBC)

  • Servers for GameStop annual shareholder meeting crash due to overwhelming interest (CNBC)

Today’s MRKT Call is Presented by FactSet

Live Trades & Stock Market Analysis: $SPY, $AAPL, $AVGO & ADBE

Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, June 13th.

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