MARKET WRAP

September stock market volatility continued today, with the major indices closing higher.

The S&P 500 was up 0.45%, while the Nasdaq Composite was up 0.84% and the Russell 2000 was down 0.23%.

Gains in the Mag 7 stocks helped drive the Nasdaq higher today. Tesla was up 4.5%, Amazon was up around 2.5%, while Microsoft gained 2% and Nvidia was up 1.5%.

Energy and Financials were the worst-performing sectors, down roughly 1.7% and 1% respectively.

CNBC notes that traders have their eyes on two key economic reports that will likely be the next catalysts for stocks. The consumer price index report for August is due out tomorrow, followed by the producer price index on Friday.

MRKT MATRIX: September 10, 2024

Today’s Top Stories:

• S&P 500 strives for second winning day in tumultuous September (CNBC)

• JPMorgan Chase shares drop 7% after bank tempers guidance on interest income and expenses (CNBC)

• Ally Drops After CFO Flags Consumer Stress, Underperformance (Bloomberg)

• Oracle’s Missteps in Cloud Computing Are Paying Dividends in AI (WSJ)

• TSMC’s August Revenue Climbs 33% as AI Chip Demand Holds Up (Bloomberg)

• Apple’s Challenge in China Rises With New Rival Phones and AI Delay (WSJ)

• Apple, Google Lose Multibillion Dollar Court Fights With EU (Bloomberg)

• Mobileye Drops a Mini-Bombshell for Self-Driving Car Technology (MarketWatch)

Today’s MRKT Call is Presented by SoFi

What The S&P 500 Chart Is Telling Us

Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Tuesday, September 10th.

Timecodes

• 0:00 - S&P 500

• 9:20 - Crude Oil

• 15:45 - Gold

• 18:45 - Banks

• 24:30 - Ally & Autos

• 26:50 - Audience Q&A

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

Where AI Investments Go From Here...

Dan Nathan welcomes Jeff Richards, Managing Partner at Notable Capital, to discuss the current state and trends in both private and public markets, especially regarding generative AI. They explore the evolving valuations of private AI companies, how big names like NVIDIA and Google are influencing market trends, and the dominance of the 'Mag 7' tech stocks. The conversation covers the recent Apple event and its potential integration of AI, why software stocks have been soft, and the ongoing challenges in the IPO market. Jeff also shares insights on shifting capital allocations, regulatory dynamics, and the future of AI-driven transformations across various sectors. The discussion ends with a deep dive into the role of private equity firms and the significant influence of private credit in today's higher interest rate environment.

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