MARKET WRAP

Stocks rallied today, continuing to get a boost from mega-cap tech. 

The S&P was up 0.75%, marking its fourth straight session in the green. The Nasdaq was up 1% and the Russell 2000 was up 1.16%.

All 11 sectors closed in the green, with communication services gaining roughly 1.7%.

Meta and Alphabet were up more than 2%, while Nvidia continued to gain group, up 1.9%.

Coming off the worst week of the year, the S&P is now up more than 3% since Monday.

MRKT MATRIX: September 12, 2024

Today’s Top Stories:

• Dow closes 200 points higher, S&P 500 posts four-day win streak as tech giants rally (CNBC)

• The Fed’s Rate-Cut Dilemma: Start Big or Small? (WSJ)

• Fed interest-rate cuts could spell more weakness for the dollar, Pimco says (MarketWatch)

• Interest payments on the national debt top $1 trillion as deficit swells

  (CNBC)

• Micron Will Underperform AI Peers, Analyst Says in Downgrade. The Stock Is Falling. (Barron’s)

• Bernstein tech analyst calls Oracle his top investment idea (CNBC)

• Moderna Stock Heads to Its Lowest Level Since 2020. It’s an ‘Evolution of Strategy,’ CEO Says. (Barron’s)

• McDonald’s to extend $5 value meal offer into December in most U.S. markets (CNBC)

Today’s MRKT Call is Presented by FactSet

Nvidia New Highs Ahead?

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, September 12th.

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

Let The Market Bounce & Save Our Souls with Mike Wilson

Guy Adami and Danny Moses are joined by Mike Wilson, Chief U.S. Equity Strategist at Morgan Stanley. They delve into recent economic developments, focusing on market volatility, Fed policies, and inflation. Mike discusses currency movements, particularly the Yen, and their implications. He provides insights into the labor market's current state, inflation's impact on consumer spending, and the potential economic slowdown. The conversation also covers the performance of quality defensive stocks, energy and industrial stocks amidst late-cycle trends, and the evolving AI technology landscape. The podcast ends with a brief diversion into NFL picks for the week.

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