MARKET WRAP

Stocks slipped today. The S&P 500 fell 0.15%, while the Nasdaq Composite dropped 0.18%. 

This as Nvidia fell for a second-straight day, down more than 3% making it one of the worst-performing stocks in the session. The chip stock closed the week down a total of 4%.

Broadcom was another big loser, falling more than 4% on the day. 

Communication Services was the best-performing sector, up 0.65%, while energy was the worst performer, down 0.59%.

MRKT MATRIX: June 21, 2024

Today’s Top Stories:

• S&P 500 falls as Nvidia struggles for a second day (CNBC)

• The stock market is in its longest stretch without a 2% sell-off since the financial crisis (CNBC)

• Nvidia’s Success Is the Stock Market’s Problem (WSJ)

• SoftBank CEO says AI that is 10,000 times smarter than humans will come out in 10 years (CNBC)

• Home prices hit record high in May as sales stall (CNBC)

• Why Your Starbucks Frappuccino Is Now Half-Price (WSJ)

• China has spent at least $230 billion to build its EV industry, new study finds (CNBC)

• Europe Has a New Economic Engine: American Tourists (WSJ)

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

Invasion of the "Bear Snatchers" with Cameron Dawson

Guy Adami and Danny Moses are joined by Cameron Dawson, CIO of NewEdge Wealth. They kick off by celebrating Cameron's recent award and delve into the passing of iconic actor Donald Sutherland. Cameron provides insights on the dominance of U.S. growth leaders and the potential inflection points that could change the market's trajectory.

Notable Timecodes

0:00 - Market Concentration Concerns

20:30 - Global Currency Concerns

27:25 - Financials, Banks & Gold

42:15 - Small Cap Outlook

The panel debates the stretched valuations in tech stocks, the concentration of market cap in a few large firms, and the implications of fiscal policies and global economic factors on market stability. They also explore the potential impact of small and regional banks on the economy, the resilience of energy stocks, and the stress in small businesses due to the Fed's rate hikes.

The discussion touches on the complexities of the current job market, the economic impact of upcoming elections, and the possible repercussions of immigration policies. The episode wraps up with a contemplation of gold as a hedge against inflation and a future market outlook.

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