MARKET WRAP

A record day on Wall Street with the S&P 500 and Dow Jones Industrial Average closing at record highs.

The S&P was up 1.7%, closing above 5700 for the first time ever. The Nasdaq was up 2.51% and the Russell 2000 was up 2.06%.

Technology led the charge higher, the sector up 3%, driven by gains in semi-stocks AMD, Applied Materials, Nvidia, and Broadcom. The SMH semiconductor ETF was up 4.34% on the day. Software was also a standout, with the IGV software ETF rising 2.56% to a new high.

Other top performers on the day include Tesla, up 7.36%, Paypal, up 6%, Citigroup, and AirBnb, up more than 5%.

MRKT MATRIX: September 19, 2024

Today’s Top Stories:

• Dow jumps 500 points, S&P 500 closes above 5,700 for the first time a day after Fed slashes rates (CNBC)

• There’s a new biggest bull on Wall Street as BMO raises year-end S&P 500 target to 6,100 (CNBC)

• Market bull Tom Lee hesitant to jump into this post-Fed rally (CNBC)

• Wells Fargo says don’t buy this rally, fundamentals don’t support it (CNBC)

• Wall Street’s $5.1 Trillion Triple-Witching Is Next Market Test (Bloomberg)

• Big Banks Are Split on How Fast the Fed Will Cut Interest Rates (Bloomberg)

• T-Mobile CEO says his company is selling the iPhone 16 ‘at a greater rate’ than last year’s model (CNBC)

• AI Tools Are Displacing Web Searches for The Information Readers (The Information)

Today’s MRKT Call is Presented by FactSet

Fed Cuts, Stocks Soar

Dan Nathan, Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, September 19th.

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

The Morning After

Dan Nathan and Guy Adami discuss the recent interest rate cut by the US Federal Reserve and its implications for tech stocks and market performance. The conversation delves into the current price action, tech valuations, and the contrasting performances of various sectors, including hyperscalers and enterprise software. They analyze the S&P 500 and Nasdaq's historical performances, the potential impacts of interest rates on technology stocks, and valuations in a broad market context. The discussion also covers individual stocks like Apple, Tesla, Adobe, Microsoft, and the significance of recent trends in network security stocks such as Zscaler.

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