MARKET WRAP

The major indices wavered today as investors await the first interest rate cut since the pandemic.

The S&P 500 was up 0.13%, the Nasdaq was down 0.52%, while the Dow closed at a new record high.

Financials was the top sector, up more than 1%. This comes as Goldman Sachs data shows hedge funds flocked to bank stocks at the fastest pace in more than a year last week. CNBC notes the surge in purchases was primarily driven by long buys, despite recent sell-offs in major banks like JPMorgan.

Technology was the worst-performing sector in the session, weighed down by names like Apple, Micron, Nvidia, and Broadcom.

MRKT MATRIX: September 16, 2024

Today’s Top Stories:

• S&P 500 is flat ahead of Fed meeting, Dow touches new record high (CNBC)

• Equity Option Traders Play Defense With Fed Rate Cut on Deck (Bloomberg)

• BlackRock’s Rick Rieder says a golden age for fixed income begins this week with the Fed rate cut (CNBC)

• Apple shares slide as analysts highlight sluggish iPhone 16 demand (CNBC)

• Google’s Breakup Is Starting to Get Priced In (WSJ)

• Intel Solidifies $3.5 Billion Deal to Make Chips for Military (Bloomberg)

• Schwab Expects Revenue to Rebound After Slump Earlier This Year (Bloomberg)

• ByteDance Steps Up AI Chip Efforts (The Information)

• TikTok faces tough questions from court over challenge to US law (Reuters)

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

Times Have Changed

Guy Adami, Liz Young Thomas from SoFi, and Dan Nathan discuss recent developments in the financial markets. They touch on topics such as the market's anticipation of a potential 50 basis point rate cut by the Federal Reserve, changes in tech stocks, and defensive market rotations. Highlights include a conversation about Apple’s potential iPhone sales impact, considerations around Nvidia and its AI contributions, and a look at the performance and projections for companies like General Mills, AT&T, T-Mobile, and JPMorgan. The episode also covers broader financial themes like the influence of sovereign demand on the AI trade and the strengthening of the yen.

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