MARKET WRAP

Stocks closed higher today as big tech stocks gained ground.

The S&P 500 was up 0.16%, while the Nasdaq Composite was up 0.49%. 

The day's big winner was FedEx, which soared more than 15% after reporting earnings. Amazon was also a standout, rallying 3.9% and crossing $2 trillion in market cap. 

Moderna shares sunk 11%, making it the worst-performing stock in the S&P 500. According to FactSet’s Street Account, the decline is attributed to the CDC panel voting to adopt updated RSV vaccine recommendations.

Consumer Discretionary was the best-performing sector, up 1.63%, and energy was the worst performer, down 0.80%.

MRKT MATRIX: June 26, 2024

Today’s Top Stories:

• S&P 500 inches higher for a second day as tech shares gain (CNBC)

• Nvidia CEO Jensen Huang addresses rising competition at shareholder meeting after historic stock surge (CNBC)

• Apple shares will rally to $260 as company beats Android in AI race, Rosenblatt says (CNBC)

• Citi strategist says stocks may be due for pullback because of too-high earnings expectations (CNBC)

• Volkswagen to Invest Up to $5 Billion Into EV Maker Rivian (WSJ)

• The next inflation-cooling force (Axios)

• US new home sales slump; supply at more than 16-year high (Reuters)

• Yen’s Relentless Slide Showcases Fed’s Grip on Global Markets (Bloomberg)

• Bond Traders Boldly Bet on 300 Basis Points of Fed Cuts by March (Bloomberg)

Today’s MRKT Call is Presented by SoFi

Can The Stock Rally Survive Without Big Tech?

Dan Nathan and Guy Adami break down the top market headlines and bring you stock market trade ideas for Wednesday, June 26th.

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

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

The Killer AI Device is Already in 2 Billion Pockets

CNBC TechCheck’s Deirdre Bosa joins Dan Nathan on Okay, Computer. European regulators are cracking down on American Big Tech companies with the Digital Markets Act. What's the impact on these firms and will it actually hurt the stock price (2:00)? Is the iPhone the AI device of the future (9:00)? Databricks has the edge on Snowflake, is there any rush to go public (18:00)?

Articles Mentioned

• Apple’s AI killer is... the iPhone (TechCheck)

• Businesses Want Slower AI Models—And That Might Hurt Nvidia (The Information)

• Databricks Has an Edge on Snowflake—but It May Not Be as Big as Investors Think (The Information)

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

• Databricks Has an Edge on Snowflake—but It May Not Be as Big as Investors Think (The Information)

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