MARKET WRAP

The Nasdaq notched another record close today, gaining 0.12%. The S&P 500 came up short, closing down by 0.04%, and the Russell 2000 small-cap index was down 1.7%.

Industrials and Materials were the worst-performing sectors, falling 1.08% and 0.96% respectively. Technology and Communications Services were the best performers, both up around 0.25%.

The yield on the U.S. 10-year hovered around 4.2% in the session.

MRKT MATRIX: June 14, 2024

Today’s Top Stories:

• Nasdaq Composite ekes out record close, notches a 3% weekly gain (CNBC)

• US Consumer Sentiment Unexpectedly Falls to Seven-Month Low (Bloomberg)

• Investors wonder if tech can keep lifting S&P 500 to new records this summer as some cracks emerge (CNBC)

• Where Are Analysts Most Optimistic On Ratings For S&P 500 Companies Heading Into Q3?(FactSet)

• Apple Eyes Best Week Since 2021 on Bet AI iPhones Are Must-Haves (Bloomberg)

• Adobe shares surge, head for sharpest rally since 2020 (CNBC)

• Super Micro Could Be Next to Join Nasdaq 100. Walgreens Could Be Dropped. (Barron’s)

• Cava Is Worth $33 Million Per Restaurant After Blistering Debut (Bloomberg)

• Promotions Are Hard to Come By, Blocking Entry-Level Workers From Even Starting (Bloomberg)

• Summer Heat Wave (National Weather Service & The Weather Channel)

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

Vibe Session with Vincent Daniel and Porter Collins

On this episode of “On The Tape,” Dan Nathan and Guy Adami do a vibe check on where the markets are relative to where the Fed and economy are. Later, Danny Moses sits down with his “Big Short” colleagues Vincent Daniel and Porter Collins of Seawolf to discuss a range of topics from the current market dynamics influenced by CPI data to the implications of changes in market structure. The conversation dives deep into the nature of the liquidity-driven market environment, highlighting the shift from fundamental investing to a focus on liquidity and volatility.

Addressing their bearish outlook, the hosts critically evaluate the impact of large market moves like Apple's reaction to AI announcements and GameStop's trading behavior, expressing concerns over market manipulation and corporate governance. The conversation also touches on investment strategies in sectors like uranium, gold, cannabis, and gaming, emphasizing their long-term positions and the importance of fundamentals. Additionally, the hosts explore specific stock picks, including LNG infrastructure company Golar, cannabis grower Glass House, and sports betting data provider Genius Sports, discussing their potential for significant returns amidst current market conditions.

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