MARKET WRAP

Stocks closed at record highs today, knotching the longest winning streak of the year.

The S&P closed up 0.4% for a new record, while the Nasdaq was up 0.63%. The Dow was up 37 points, a record of its own.

The major averages notched their sixth straight week of gains, the S&P’s longest stretch of the year, per CNBC.

Communication Services was the top sector of the day, led by gains in Netflix. Energy was the worst.

MRKT MATRIX: October 18, 2024

Today’s Top Stories:

• Stocks rise Friday, head for 6-week winning streak on strong earnings (CNBC)

• Netflix third-quarter subscribers barely beat estimates as ad-tier members jump 35% (CNBC)

• S&P 500 Earnings Season Update (FactSet)

• IPhone 16 Sales Soar 20% in China Debut as Demand Returns (Bloomberg)

• Bank of America hikes Nvidia price target, says shares can rally almost 40% (CNBC)

• Robotaxi Flop Leaves Tesla’s Lofty Stock Multiple Looking Shaky (Bloomberg)

• Stellantis to shutter and sell large testing facility amid cost-cutting efforts (CNBC)

• CVS Shares Fall After Earnings Warning, CEO Ouster (WSJ)

• Procter & Gamble earnings beat estimates, but weak demand in China hurts sales (CNBC)

• China Moves to Support Markets After Data Showing Economy Slowed (Bloomberg)

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

Slings & Arrows at HOOD Summit in Miami

Dan Nathan and Guy Adami start the pod with a brief discussion on the all-time high for the S&P 500, key earnings reports from Taiwan Semi, ASML, and Morgan Stanley, and the performance of the AI sector amid talks of potential bubbles. They also analyze Apple’s iPhone sales in China, updates from Netflix, and the effects of high bond yields on the market. The episode further explores rising bond yields, specifically the 10-year yield surpassing 4.1% post-Federal Reserve's rate cut, and its impact on tech valuations, with a focus on Netflix.

After the break (13:00), we have a special conversation moderated by Dan & Guy from the 2024 HOOD Summit in Miami. Robinhood’s Steve Quirk, joins Porter Collins, Vincent Daniel and Danny Moses share their insights into the evolving world of trading and investments.

The discussion kicks off with an exploration of their backgrounds and the importance of community and validated trading ideas, highlighting platforms like Twitter and Discord for sourcing information. The guys also discuss contrarian investment strategies, the impact of macroeconomic factors, and the democratization of market access through Robinhood.

Key topics include the evolution of the energy sector, particularly uranium and nuclear energy investments, the nuances of tax efficiency, and the potential market implications of the upcoming election. The conversation also navigates the challenges of trading amidst political influences, the undervalued potential of the energy sector, and the strategic opportunities in AI-driven tech IPOs. Emphasis is placed on the power of community, continuous learning, and adapting to market trends for optimizing investment strategies.

Sign up below to receive daily MRKT Call reminders and early access to the charts featured in the show.

Subscribe to the RiskReversal YouTube Channel and drop a comment/like to show your support

Want to check out past episodes? Search for “On The Tape,” “MRKT Call,” or “Okay, Computer.” wherever you listen to podcasts

We want to hear your feedback! Reply to this email with any comments or questions