MARKET WRAP

Stocks fell from record highs, closing the day slightly lower.

The S&P was down 0.21%, the Nasdaq Composite was down 0.05% and the Russell 2000 was down 0.73%.

Energy was the best-performing sector while Real Estate was the worst.

The Mag 7 stocks were mixed, with Meta down more than 1% and Tesla down nearly 1% ahead of its big Robotaxi reveal this evening. Nvidia was the best performer of the group, up 1.63%.

CNBC notes that the S&P 500 is seeing a surge of new 52-week highs today, outpacing new lows 14 to 2. IBM, a Dow component, has reached an all-time high. Several financial stocks are also hitting record levels. Some of the other names making the cut include: Netflix, Live Nation, Royal Carribean, and T-Mobile. This wave of new highs indicates strong market performance across multiple sectors.

MRKT MATRIX: October 10, 2024

Today’s Top Stories:

• S&P 500 slips from record after data showing sticky inflation, weakening labor market (CNBC)

• Three Fed Officials Shrug Off CPI Report, Bostic Open to Pause (Bloomberg)

• AMD CEO Predicts $500 Billion AI Chip Market by 2028. Will Its New GPU Beat Nvidia? (Barron's)

• Nvidia Stock Rises After Management Says Blackwell Is Sold Out for 12 Months (Barron’s)

• Retail investor hype for AI stocks seems to be slowing down (MarketWatch)

• Delta’s Revenue Problems Went Beyond CrowdStrike (WSJ)

• Wall Street Pros Avoid Election Bets With Race Too Close to Call (Bloomberg)

Today’s MRKT Call is Presented by FactSet

Breakout Stocks to Watch

Dan Nathan and Carter Worth break down the top market headlines and bring you stock market trade ideas for Thursday, October 10th.

Timecodes

• 0:00 - Banks

• 13:00 - Software

• 17:45 - Yields

• 21:40 - Verizon + AT&T

• 23:20 - Tesla, Uber & Lyft

• 32:45 - Nvidia & AMD

• 36:00 - Insurance Names

• 40:00 - Audience Q&A

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