Yiwen Lu9/10/24

US stocks rally as tech strength offsets big bank slump

The S&P 500 closed up 0.5% after a whipsaw on Tuesday. The Nasdaq 100 gained 0.9%, while the Russell 2000 remained unchanged.

Sector ETFs were mixed. A solid showing from the tech sector, up 1.5%, was the key to today’s gain in the S&P 500. The real estate sector was the biggest winner and rose 1.8%. Energy lost the most and retreated 1.7%.

A few financial stocks tumbled. JPMorgan Chase was down 5.2%, its biggest decline since April 2024, a time when stock fell 6.5% after earnings. The shares slid more than than 7% during intraday trading, as bank President Daniel Pinto said that Wall Street forecasts on how much the bank will make in net interest income next year are overly optimistic. It’s just the 12th time the stock has lost 5% on a day the S&P 500 gained in the past 44 years.

Goldman Sachs lost 4.4%. The S&P financial sector ETF decreased 1%.

Oracle was up 11.4% and hit a record high after reporting better-than-expected results on Monday after the bell.

WTI crude oil futures were down as much as 5% during intraday trading on Tuesday. Global benchmark Brent futures also declined, hitting their lowest levels since December 2021. In a report released on Tuesday, OPEC trimmed its forecast for oil demand in 2024 and saw slower growth in store for 2025.

With the upcoming presidential debate on Tuesday night, politics may take center stage. Basket of stocks that stand to benefit from Republican policies (per Goldman Sachs analysts) took a lead after the first presidential debate but fell behind the Democratic policy basket after Biden announced his withdrawal from the race.

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Tasha Matsumoto

Stocks whipsaw ahead of next week’s Big Tech earnings

Stocks struggled for direction ahead of next week’s Fed meeting and Meta, Microsoft, Tesla, and Apple earnings.

BISHOP'S STORTFORD, ENGLAND - JANUARY 25: Snowfall in the Essex countryside on January 25, 2021 in Bishop's Stortford, Essex, United Kingdom.

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Earnings season a chance for AI hyperscalers to “get their mojo back”

Hyperscalers need more “hype” on their potential AI moneymaking opportunities or to show that their “scale” continues to drive huge growth through this spending binge.

markets

Matt Phillips23h

Active ETF offers exposure to Elon Musk’s SpaceX

Active ETF Baron First Principles ETF has added a large stake in Elon Musk’s privately held SpaceX, with daily disclosures of the active ETFs holdings on Friday showing SpaceX now makes up 22% of the fund’s portfolio.

Such a stake would open up a potentially big opportunity for those looking to get access to some of the eccentric billionaire’s privately held business empire, ahead of any public offering of the shares — which is reportedly in the works for this year.

Run by mutual fund manager Ron Baron, the ETF also owns stakes in other Musk vehicles such as privately held xAI and publicly traded Tesla. The fund — which has only been trading since December 15 — is down slightly on the day.

markets

Luke Kawa1/23/26

AMD jumps as Intel’s supply constraints offer chance for CPU market share gains

As investors react negatively to Intel CEO Lip-Bu Tan’s warning that the chipmaker’s turnaround effort will be a “multiyear journey,” that cautionary note is also a reminder that Advanced Micro Devices has more time to make hay while the sun shines.

AMD had been one of the companies with the most to lose should attempts by the government and Nvidia to prop up the beleaguered chipmaker bear fruit. In particular, Intel and AMD are locked in a fierce competition in the CPU market. During its earnings call on Thursday, Intel said that supply constraints were preventing the company from realizing strong demand.

JPMorgan analyst Harlan Sur thinks that gives AMD more room to continue to muscle in on Intel’s CPU turf.

“We still view Intel as being at risk of further share loss in its product businesses (particularly in server CPU given AMD’s strong product portfolio/roadmap and Intel’s supply constraints),” he wrote.

AMD is up nearly 3% as of 11:40 a.m. ET, working on its ninth straight day of gains. A positive close would match its longest winning streak since 2005.

markets

Max Knoblauch1/23/26

Spotify climbs following an upgrade from Goldman as it prepares to hike prices

Music streamer Spotify climbed about 3% on Friday following an upgrade to “buy” from “neutral” from Goldman Sachs.

The upgrade comes ahead of Spotify’s already announced US subscription price hike next month — its third since 2023. Goldman lowered its 12-month Spotify price target to $700 from $735.

“We are surprised how negative investor sentiment has turned with respect to [Spotify] on the back of the AI theme. In our opinion, we see SPOT as well-positioned to capitalize on/benefit from rising generative AI adoption,” Goldman said in its Friday note, adding that it’s watching how the rise of AI music platforms could impact Spotify and its music royalty payment structure.

Earlier this month, Morgan Stanley published a survey that found up to 60% of Gen Z respondents listen to AI music, for an average of three hours per week. Last week, Bandcamp announced it would ban AI music on its platform.

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