MARKET WRAP

The stock market rally took a pause today. The S&P 500 fell 0.25% percent after hitting an all-time high during the session. The Nasdaq snapped a seven-day winning streak, falling 0.79%. 

Gilead was the best-performing stock on the day, up 8% following a successful late-sage trial of its HIV prevention shot.

Per CNBC, 23 S&P 500 stocks touched 52-week highs during the trading session. Notable names include Netflix, Bank of America, Eli Lilly, Nvidia, Oracle, and Walmart.

On the sector front, technology lagged, falling 1%, while energy was the top performer, up 2%.

MRKT MATRIX: June 20, 2024

Today’s Top Stories:

• S&P 500 falls after briefly topping 5,500 for the first time ever (CNBC)

• S&P Poised to Reach 6,000 This Year Before Big Drop, Stifel Says (Bloomberg)

• Stocks’ Relentless Rally Makes Bears Endangered on Wall Street (Bloomberg)

• These are Wall Street’s favorite Nasdaq picks for the second half (CNBC)

• This is not the dot-com bubble and Nvidia’s valuation is still ‘compelling,’ says Bank of America (CNBC)

• For Apple’s AI Push, China Is a Missing Piece (WSJ)

• China’s Top AI Startups Enter U.S., Defying Political Tensions (The Information)

• McDonald’s $5 Value Meal Intensifies a Fast Food Price War (Bloomberg)

Today’s MRKT Call is Presented by FactSet

Chart Check on S&P, Energy & Retail

Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, June 20th.

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