MARKET WRAP

Stocks rallied today, rebounding from Wall Street’s worst week of the year. 

The S&P 500 and Nasdaq were up more 1%, while the Russell 2000 was up 0.35%

The rally was broad among the whole market, with roughly 80% of S&P 500 stocks closing in the green. 

All 11 sectors were higher, with financials, industrials, real estate, consumer discretionary and technology all up more than 1%. 

Super Micro and United Airlines were the top stocks,, both up nearly 6%.

MRKT MATRIX: September 9, 2024

Today’s Top Stories:

• Dow closes nearly 500 points higher in rebound from Wall Street’s worst week of 2024 (CNBC)

• Here’s everything Apple just announced: iPhone 16, iPhone 16 Pro, Apple Watch Series 10, AirPods 4 and more (CNBC)

• Utilities are now hottest trade of 2024, and Bank of America says keep buying instead of tech (CNBC)

• Nvidia’s Dominance Could Be Ending, Citi Says. The Stock Rises Anyway. (Barron’s)

• AI exuberance masks broad weakness in tech sector, say investors (FT)

• This Is a Soft Landing (Torsten Sløk)

• What History Tells Us About Presidential Elections and the Stock Market (WSJ)

• Trump is more locked in on tariffs than ever before (Axios)

• China’s Deflationary Spiral Is Now Entering Dangerous New Stage (Bloomberg)

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

Did You Say “Utes”?

Guy Adami and Liz Young Thomas of SoFi analyze the recent performance of stock market, noting it was the worst week since March 2023's regional bank crisis. They debate whether this signals a market correction or an emerging larger issue, with Guy cautioning about potential underlying problems. Elizabeth attributes some stock volatility to the labor market and AI hype. The conversation covers various economic indicators including the unemployment rate, CPI, and shifts in market areas such as utilities and commodities. They also discuss the global implications of Japan’s monetary policy changes and speculate about future market directions.

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