MARKET WRAP

The S&P 500 fell 0.31% while the Nasdaq Composite was down 1.09%, the Russell 2000 gained 0.62% and the Dow Jones Industrial Average was up 0.67%.

This comes as investors appear to be rotating out of big tech. The sector fell 2.17%, with tech darling Nvidia dropping 6.68%. The chipmaker is now down 16% from its all-time high hit on Thursday last week. 

Nvidia, Super Micro, and Qualcomm were among the worst-performing stocks in the S&P today. 

Energy was the top-performing sector, up 2.85%. Utilities and Financials were also top performers, up around 1.2% on the session.

MRKT MATRIX: June 24, 2024

Today’s Top Stories:

• Dow closes more than 250 points higher as investors snap up energy and bank stocks, Nvidia slides 6% (CNBC)

• Fundstrat’s Tom Lee is about to raise his year-end forecast for the S&P 500 (CNBC)

• How Long Can High Rates Last? Bond Markets Say Maybe Forever (Bloomberg)

• Novo Nordisk to build $4.1 billion North Carolina facility to boost output of Wegovy, Ozempic (CNBC)

• Apple, Meta Have Discussed an AI Partnership (WSJ)

• Apple’s App Store Rules Illegally Stifle Competition In Europe—Possibly Drawing Billions In Fines, EU Regulator Says (Forbes)

• Fast fashion retailer Shein confidentially files for London IPO as U.S. listing stalls (CNBC)

• Delivery Drivers Got Higher Wages. Now They’re Getting Fewer Orders. (WSJ)

Today’s MRKT Call is Presented by CME Group

What's Next For The S&P 500?

Dan Nathan and Guy Adami and break down the top market headlines and bring you stock market trade ideas for Monday, June 24th.

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

Tom Lee’s ‘Everlong’ SPX Target

Dan Nathan returns from his grand European tour and joins Guy Adami to discuss current market trends. They explore the implications of recent activities in the SPX, including divergences between the market cap weighted and equal weight indices, and delve into Tom Lee's bullish 15,000 S&P 500 prediction by 2030. Other topics include Nvidia's recent insider selling patterns and the potential influence on stock performance, FedEx's upcoming earnings as a potential market indicator, and the impact of AI and tech investments on the broader market. 

What We're Reading

• Why Tom Lee Thinks We Could See S&P 15000 by 2030 (Bloomberg)

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

• Nvidia Sales Grow So Fast That Wall Street Can’t Keep Up (Bloomberg)

• Charlie Bilello on the equal weight S&P 500 lagging behind

• Jason Goepfert on Nvidia insider Selling

• ZeroHedge: 80% of the S&P has entered buyback blackout window: Goldman

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