MARKET WRAP

The S&P 500 and Nasdaq Composite closed at record highs again today. The S&P was up 0.25% while the Nasdaq gained 0.03%

CNBC.com lists several consumer stocks that hit all-time highs today, including Costco (+0.33%), Walmart (+0.27%), Chipotle (+1.85%) and Booking Holdings (+0.51%).

There were a few tech standouts as well, including Oracle (+2.33%), Micron (3.80%), Qualcomm (2.19%) and Nvidia (3.51%)- all hitting new highs today.

Nvidia overtook Microsoft and Apple as the most-valuable company.

Retail sales came in softer-than-expected, sending yields lower to around 4.2% during the session.

MRKT MATRIX: June 18, 2024

Today’s Top Stories:

• S&P 500 hits another record as Nvidia overtakes Microsoft as biggest stock (CNBC)

• Fed’s Musalem Suggests Interest-Rate Cuts Could Be Delayed for Some Time (Bloomberg, CNBC)

• Investors are the most bullish since November 2021, a widely followed survey shows(CNBC)

• Nvidia Passes Microsoft to Become Largest U.S. Company (WSJ)

• How top-heavy is the stock market? (MarketWatch)

• Warren Buffett buys Occidental shares for 9 straight days, pushes his stake to nearly 29% (CNBC)

• Central Banks Are Looking at Record-High Gold Purchases (Investopedia)

• David Zervos: The key policy differences between Trump and Biden and what they mean for markets (CNBC)

Today’s MRKT Call is Presented by SoFi

The Bifurcated Market; Chart Check on Bitcoin & Copper

Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Tuesday, June 18th.

Click here to access all of the charts mentioned in today’s MRKT Call.

Timecodes

• 0:00 - SPX Bifurcation

• 13:30 - Copper + FCX + CDE

• 18:20 - Bitcoin

• 21:15 - KBH vs LEN

• 25:00 - Audience Q&A

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Today’s Okay, Computer. is Presented by RBC and Current

Divergences Abound in the Nasdaq

Dan Nathan and Guy Adami discuss the current state of the public and private markets, focusing on impressive gains in AI-related stocks like Apple, Nvidia, and Microsoft. They delve into the significant market caps of these companies, the potential dangers of their rapid growth, and the likelihood of margin compression due to increased competition. They also touch on specific instances of insider trading and sell-offs in companies like Dell, along with the economic implications of unemployment rates on enterprise spending. Additionally, they analyze the future of FinTech and generative AI, expressing skepticism about the ongoing enthusiasm and pointing out the risks of a potential slowdown.

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