MARKET WRAP

Stocks slipped from record highs today after posting the 6th straight week of gains.

The S&P was down 0.18%, the Russell 2000 was down 1.6%. The Nasdaq was a bright spot, up 0.27%.

CNBC notes Consumer and homebuilder stocks were among the biggest losers as fears about higher-for-longer interest rates crept up, with Target and Builders FirstSource each down more than 4%. Lennar also shed more than 3.5%.

Real estate was the worst-performing sector, down around 2%.

Technology was the only sector to close in the green.

MRKT MATRIX: October 21, 2024

Today’s Top Stories:

• Dow drops more than 350 points as Wall Street’s rally takes a breather (CNBC)

• Decade of Big S&P 500 Gains Is Over, Goldman Strategists Say (Bloomberg)

• Insiders Are Selling Into the Great Bull Market of 2024 (Bloomberg)

• Disney Says It Will Hire a New C.E.O in ‘Early 2026’ (NY Times)

• Microsoft to roll out new autonomous AI agents next month, fending off challenge from Salesforce (CNBC)

• AI Startup Perplexity in Funding Talks to More Than Double Valuation to $8 Billion (WSJ)

• Crises at Boeing and Intel Are a National Emergency (WSJ)

• JPMorgan Figures Show Surging Dollar Demand as US Election Nears (Bloomberg)

• Chinese Banks Slash Lending Rates to Bolster Ailing Economy (Bloomberg)

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

Beige Books & Baseball

Guy Adami and Liz Young Thomas from SoFi dissect the latest market trends, including rising 10-year yields and their impact on housing. They explore Goldman's surprising decade-long bearish forecast for U.S. stocks and discuss upcoming earnings from major companies. The hosts also touch on election speculations, China's economic stimulus efforts, and their implications on markets. Key highlights include in-depth analyses of the gold market, energy stocks, and the relationship between Bitcoin trends and tech stocks.

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