MARKET WRAP

The Dow closed at a record today, while the S&P 500 was down 0.19% and Nasdaq fell 0.36%. All of the major indices closed higher on the week.

Utilities was the best-performing sector by a long shot, up 2.5%, while Industials and materials lagged today.

Constellation Energy and Vistra were the top stocks in the session, up 22 and 16% respectively. We’ll have more on the move in constellation a bit later.

MRKT MATRIX: September 20, 2024

Today’s Top Stories:

• Dow rises to close at fresh record, posts winning week after big Fed rate cut (CNBC)

• Stock Rally Is Like Dot-Com ‘Groundhog Day,’ Stifel’s Bannister Says (Bloomberg)

• Fed’s Bowman Says Big Rate Cut Could Be Seen as Claiming Victory Too Soon (Bloomberg)

• Fed’s Waller Says Slowing Inflation Led Him to Support Large Rate Cut (Bloomberg)

• Dimon Says He’s Skeptical of Soft Landing After Rate Cut (Bloomberg)

• Qualcomm Approached Intel About a Takeover in Recent Days (WSJ)

• FedEx quarterly profit disappoints as demand for speedy delivery wanes (CNBC)

• Apple iPhone 16, Apple Watch Series 10 and AirPods 4 debut around the world (CNBC)

• Where Are Analysts Most Optimistic on Ratings for S&P 500 Companies Heading Into Q4? (FactSet)

• WhatsApp Dominates Meta AI Use (The Information)

• Constellation Energy to restart Three Mile Island nuclear plant, sell the power to Microsoft for AI (CNBC)

Today’s MRKT Call is Presented by CME Group

The Path for Future Rate Cuts

Dan Nathan and Guy Adami break down the top market headlines and bring you stock market trade ideas for Friday, September 20th.

Timecodes

• 0:00 - Market Outlook

• 15:30 - Future Cut Path

• 20:30 - Gold & Crude

• 26:30 - Firing The Manager

• 36:15 - Audience Q&A

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

Sign up below to receive daily MRKT Call reminders and early access to the charts featured in the show.

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

Unthought Known Path of Rate Cuts with Luke Gromen

Dan Nathan and Danny Moses discuss the ongoing bull market, with insights into the S&P 500's new highs and the NASDAQ's performance. They delve into the implications of the Fed's recent interest rate cut, Chair Jerome Powell’s press conference, its impact on the economy, and the potential for more rate cuts amidst discussions of a soft landing. The episode covers the recent trends in tech stocks, banks' performance, and market strategies as hedge funds recalibrate their positions.

Guy Adami and Danny Moses welcome back Luke Gromen of FFTT, LLC to discuss his bullish stance on equities despite the Federal Reserve's recent interest rate decision and its implications for the market. Luke explains the mechanics of rising interest expenses for the U.S. government, the impact of Federal Reserve policies, and the current state of the Treasury market. They delve into historical precedents for 50 basis point cuts and their effects on the markets, current fiscal deficits, and the broader economic outlook. Additionally, Luke predicts the performance of gold and Bitcoin, emphasizing their roles in the face of weakening dollar dynamics, and potential future market scenarios. The discussion also touches on the sustainability of the fiscal deficit's impact on GDP, the demographic influences on the economy, and potential risks from future political and fiscal decisions.

Subscribe to the RiskReversal YouTube Channel and drop a comment/like to show your support

Want to check out past podcast episodes? Go to wherever you get your podcasts and type in “RiskReversal Media”

We want to hear your feedback! Reply to this email with any comments or questions