MARKET WRAP

The S&P 500, Nasdaq, and Dow all reached new all-time highs, fueled by Nvidia's $100 billion partnership with OpenAI and renewed optimism for artificial intelligence investments. Nvidia (+4%) hit a new high on the announcement. The move is expected to drive continued earnings and share price growth into 2026 and beyond. Oracle (+6%) also saw gains after announcing a leadership change and Apple (4%) benefited from strong new iPhone sales. The major indexes recently posted record weekly advances after the Fed’s first rate cut since December, and investors expect more cuts by year end if inflation remains subdued.

• MRKT Call: Guy and Dan on interest rates, stocks at record highs, homebuilder stocks, and GOOGL/AAPL/NVDA driving the MAG 7 trade higher.

• RiskReversal Pod: Dan welcomes Gene Munster to discuss Apple’s latest iPhone release, Nvidia, TikTok, and the broader tech landscape.

MRKT MATRIX: TODAY’S TOP STORIES

• S&P 500 jumps to new high led by Nvidia on OpenAI deal (CNBC)

• 5 Reasons the New Tech Bubble Is Only Getting Started (Barron’s)

• Goldman Sachs lifts S&P 500 index's annual target (Reuters)

• Fed Governor Stephen Miran pushes case for central bank to slash key interest rate (CNBC)

• St. Louis Fed President Musalem sees ‘limited room’ for more interest rate cuts (CNBC)

• Nvidia to Invest $100 Billion in OpenAI for Data Centers (Bloomberg)

• Oracle in Talks With Meta on $20 Billion AI Cloud Deal (Bloomberg)

• Disney says ‘Jimmy Kimmel Live’ will return to ABC on Tuesday (CNBC)

WHAT’S NEXT?

• Tuesday, Sept 22nd

  • 9am: Fed Bowman Speech

  • 9:45am: S&P Manufacturing, Services PMI

  • 10am: Fed Bostic Speech

  • 12:35pm - Fed Powell Speech

  • After-hours: MU 9.5%

TODAY’S EPISODES

Watch MRKT Call’s newest episode:

Guy and Dan kick things off discussing the market’s latest highs, with Nvidia’s $100 billion partnership with OpenAI leading the headlines and sparking optimism around artificial intelligence. They break down movement in mega-cap tech stocks, highlighting Apple’s surge from strong iPhone sales and pointing out Tesla’s sharp rebound after months of lagging performance. The conversation then shifts to central bank policy, homebuilders, financials, and gold.

• Analysis - NVDA, TSLA, ORCL, AAPL, SPY, ITB, GDX, GLD, BTC, SCHW

• Your Questions

  • SM2022 - Please name 3 stocks or sectors you are currently bullish on

  • Jay - What are your thoughts on Disney?

  • Bogdan ‘Beau’ Caceu - How do you play GLD or GDX from here? Miners seem to be in a bit of a frenzy…

Learn more about our sponsor, MoneyLion.

Watch RiskReversal Podcast’s newest episode:

Dan Nathan welcomes Gene Munster, founder and managing partner of Deepwater Asset Management. They discuss a range of topics including Apple’s latest iPhone release, consumer reactions, and its implications for the company’s future earnings and margins. The conversation then shifts to Nvidia's $5 billion investment in Intel and its implications in the context of U.S.-China trade relations. Additionally, the duo analyzes Nvidia’s $900 million acquihire move and the broader implications for AI advancements. The podcast also covers the ongoing trade discussions related to TikTok and its potential acquisition by an American consortium, emphasizing the importance of controlling the algorithm and data privacy. Gene and Dan debate the impact of these developments on the market and the tech industry at large.

Learn more about our sponsor CME Group, iConnections, and SoFi.

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