MARKET WRAP

The S&P 500 and Dow Jones Industrial Average closed at new record highs today as the post-Fed run continues.

The S&P was up 0.28%, the Nasdaq Composite was up 0.14%, the Dow jumped 61 points and the Russell 2000 fell 0.24%.

Energy, Consumer Discretionary, Utilities, and Real Estate were the top sectors, all up around 1%.

Tesla was the best-performing stock on the day, up nearly 5%.

MRKT MATRIX: September 23, 2024

Today’s Top Stories:

• S&P 500 rises to fresh record close Monday as traders aim to extend Fed cut relief rally (CNBC)

• Fed Officials Leave Door Open to Another Large Interest-Rate Cut (Bloomberg)

• Yardeni Says Fed Cut Raises Odds of ‘Outright Melt-Up’ in Stocks (Bloomberg)

• Merrill’s Former Market Expert Says This Is Different From 1999 (Bloomberg)

• Intel Gets Multibillion-Dollar Apollo Offer as Qualcomm Circles (Bloomberg)

• GM’s EV sales momentum is finally building as new vehicle lineup fills out (CNBC)

• US proposes banning Chinese software and components in vehicles (FT)

• Google Emails Show Unease Over Advertising Dominance (WSJ)

• Perplexity in talks with top brands on ads model as it challenges Google (FT)

• Microsoft Nuclear Deal Should Be ‘Fast-Tracked’: Pennsylvania Gov. Shapiro (Barron’s)

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

Bull Market Consequences & A Conversation with Terry Duffy of CME Group

Guy Adami, Elizabeth Thomas of SoFi, and Dan Nathan dive into the latest market trends, football updates, and notable financial happenings in Monday's edition of the On The Tape podcast. The episode starts with a light-hearted discussion about the Green Bay Packers' performance before shifting focus to the market's current state, with the S&P 500 nearing all-time highs. The hosts analyze historical interest rate trends, sector performances, and the impact of the Federal Reserve's actions. They delve into rising tech stocks, particularly AI-driven companies, and discuss the potential consequences of a long-duration bull market. The episode also highlights important corporate earnings from companies like Microsoft, Micron, and Costco, and their implications for the broader market. The show wraps up with thoughts on potential mergers and acquisitions, particularly Intel and Qualcomm, and the current regulatory environment. 

Guy Adami sits down with Terry Duffy, the chairman and CEO of CME Group, at the Georgetown University Psaros Center for Financial Markets and Policy. Duffy reflects on his journey from a humble start at the Chicago Mercantile Exchange in 1980 to leading CME Group, a company now valued at $78 billion. They discuss the vital role of futures in risk management, with Duffy highlighting how proper hedging could have prevented the downfall of institutions like SVB and Republic Bank. The conversation also touches on Duffy's instincts regarding the fraudulent nature of FTX’s Sam Bankman-Fried and the profound impact of emerging markets like crypto and AI.

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