MARKET WRAP

The S&P was up 0.97%, the Nasdaq was up 1.45%, and the Russell 2000 up 0.19%.

WTI crude oil futures plunged almost 5% on Tuesday as markets reacted to geopolitical tensions in the Middle East. CNBC notes the drop came as traders assessed Israel’s potential response to Iranian missile attacks and U.S. diplomatic efforts. This decline significantly impacted energy stocks, with the S&P energy sector falling more than 2% and major companies like Marathon Petroleum and Valero Energy experiencing losses of 5% or more.

Tech led the rally today. The XLK technology ETF was up roughly 2%, driven by gains in names like Palantir, Palo Alto, Intel, Nvidia and Broadcom.

Shares of Robinhood were up nearly 10% after announcing its first investor day in December, as well as receiving positive commentary from analysts at Piper Sandler and Barclays.

MRKT MATRIX: October 8, 2024

Today’s Top Stories:

• S&P 500 rebounds from Monday’s decline as oil prices ease (CNBC)

• China’s Stock Market Fever Breaks as Authorities Disappoint (WSJ)

• Tesla's robotaxi to face questions, scrutiny at unveiling this week (Reuters)

• Tesla’s head of vehicle programs jumps to Waymo ahead of robotaxi reveal (TechCrunch)

• Nvidia shares to remain stuck for the rest of the year, says Citi (CNBC)

• OpenAI Leaders Say Microsoft Isn’t Moving Fast Enough to Supply Servers (The Information)

• The Dow Has Predicted 22 of the Past 24 Presidential Elections. What It Says About Trump and Harris’ Odds of Winning. (Barron’s)

• Trump’s Plan Boosts Budget Deficits by $7.5 Trillion, Double Harris’s Proposal (WSJ)

• Hurricane Milton could cause as much as $175 billion in damage, according to early estimates (CNBC)

Today’s MRKT Call is Presented by SoFi

Tech Stocks Lead Market Rebound

Guy Adami and Carter Worth break down the top market headlines and bring you stock market trade ideas for Tuesday, October 8th.

Timecodes

• 0:00 - SPX & NDX Update

• 7:00 - Sector Check

• 22:10 - Yields & Gold

• 26:30 - China

• 30:00 - Audience Q&A

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