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 close lower, trimming steeper losses as oil retreats

Oil prices fell after Israeli Prime Minister Benjamin Netanyahu said his country is helping with US efforts to open the Strait of Hormuz.

Grizzly bear growling USA.

markets

Stocks get a jolt as Netanyahu says Israel is helping US efforts to open Strait of Hormuz

Israeli Prime Minister Benjamin Netanyahu said in a press conference that his country is helping with US efforts to open the Strait of Hormuz, putting a jolt into stocks.

The S&P 500, which had been solidly negative for most of the day, turned slightly green after the remarks. The rebound lost a bit of steam shortly thereafter, but stocks still remained higher than they were before Netanyahu’s comments.

“Israel is helping, in its own way, in intel and other means, the American efforts to open the Strait of [Hormuz],” Netanyahu said, according to a video of the press conference.

Here are another few interesting headlines coming across from the presser, per Reuters:

*NETANYAHU: IRAN HAS NO CAPACITY TO ENRICH URANIUM OR MAKE BALLISTIC MISSILES AFTER 20 DAYS OF WAR

*NETANYAHU: CAN’T DO A REVOLUTION FROM THE AIR, THERE NEEDS TO BE A GROUND COMPONENT AS WELL

*NETANYAHU: ISRAEL ACTED ALONE AGAINST SOUTH PARS

*NETANYAHU: TRUMP ASKED US TO HOLD OFF ON FUTURE SUCH ATTACKS

And here’s how the market reacted instantly after his comments:

Stocks Slump as Energy Surge Fuels Inflation Fears: Markets Wrap

Stocks Slump as Energy Surge Fuels Inflation Fears: Markets Wrap

“Israel is helping, in its own way, in intel and other means, the American efforts to open the Strait of [Hormuz],” Netanyahu said, according to a video of the press conference.

Here are another few interesting headlines coming across from the presser, per Reuters:

*NETANYAHU: IRAN HAS NO CAPACITY TO ENRICH URANIUM OR MAKE BALLISTIC MISSILES AFTER 20 DAYS OF WAR

*NETANYAHU: CAN’T DO A REVOLUTION FROM THE AIR, THERE NEEDS TO BE A GROUND COMPONENT AS WELL

*NETANYAHU: ISRAEL ACTED ALONE AGAINST SOUTH PARS

*NETANYAHU: TRUMP ASKED US TO HOLD OFF ON FUTURE SUCH ATTACKS

And here’s how the market reacted instantly after his comments:

markets

Matt Phillips9h

Gold tumbles as market sees Fed shifting toward inflation fighting

Gold and gold miners tumbled Thursday, as the rolling Iran war energy crisis revived worries about inflation and pushed the market to take additional rate cuts this year off the table.

Gold (SPDR Gold Shares ETF) futures dropped roughly 6% shortly after 12 p.m. ET, hammering share prices for miners Newmont and Freeport-McMoRan. Silver (iShares Silver Trust) futures were down nearly 9%.

The decline in precious metals came alongside another sharp rise in energy prices. US benchmark crude oil (United States Oil Fund LP) and natural gas prices both jumped more than 3% after major Iranian attacks on Qatari energy infrastructure. US retail gasoline prices tracked by the American Automobile Association hit $3.884, up 33% from the end of last month, when a joint US-Israeli attack on Iran ignited hostilities.

Normally, gold prices are seen as a hedge on inflation, which might suggest that they should rise alongside expectations for persistent price increases.

But the speed of the Iran war energy shock — which will add to inflationary pressures already visible in recent economic reports, such as this week’s Producer Price Index, and could become a political problem for the Trump administration — has nudged traders to change their their views on whether the Federal Reserve would be able to deliver the rate cuts widely expected just a few weeks ago.

Yields on shorter-maturity US Treasury notes shot higher Thursday, reflecting expectations for tighter monetary policy. And prices in the market for federal funds futures suggest traders no longer see the US central bank cutting interest rates this year at all. (Early this month, market pricing implied expectations for two more cuts this year.)

On Thursday, yields fell on longer-term US government securities, such as the US 30-year bond. That suggests the market thinks a Fed shift toward inflation fighting and away from rate cutting would likely result in some decline in growth and/or inflation, helping to explain the drop in precious metals prices, as there would be less of a need for inflation hedges in such a scenario.

Bond Traders No Longer Price In Any Chance of Fed Cut in 2026

Bond Traders No Longer Price In Any Chance of Fed Cut in 2026

The decline in precious metals came alongside another sharp rise in energy prices. US benchmark crude oil (United States Oil Fund LP) and natural gas prices both jumped more than 3% after major Iranian attacks on Qatari energy infrastructure. US retail gasoline prices tracked by the American Automobile Association hit $3.884, up 33% from the end of last month, when a joint US-Israeli attack on Iran ignited hostilities.

Normally, gold prices are seen as a hedge on inflation, which might suggest that they should rise alongside expectations for persistent price increases.

But the speed of the Iran war energy shock — which will add to inflationary pressures already visible in recent economic reports, such as this week’s Producer Price Index, and could become a political problem for the Trump administration — has nudged traders to change their their views on whether the Federal Reserve would be able to deliver the rate cuts widely expected just a few weeks ago.

Yields on shorter-maturity US Treasury notes shot higher Thursday, reflecting expectations for tighter monetary policy. And prices in the market for federal funds futures suggest traders no longer see the US central bank cutting interest rates this year at all. (Early this month, market pricing implied expectations for two more cuts this year.)

On Thursday, yields fell on longer-term US government securities, such as the US 30-year bond. That suggests the market thinks a Fed shift toward inflation fighting and away from rate cutting would likely result in some decline in growth and/or inflation, helping to explain the drop in precious metals prices, as there would be less of a need for inflation hedges in such a scenario.

markets

J. Edward Moreno9h

Novo says FDA has approved high-dose Wegovy shot

The Food and Drug Administration approved Novo Nordisk’s high-dose Wegovy shot, the company announced on Thursday.

Wegovy HD, a once-weekly 7.2-milligram injection, helped patients lose 20.7% of their body weight after 72 weeks, putting it in line with Eli Lilly’s competitor drug, Zepbound. By comparison, Wegovy typically has a maximum dose of 2.4 milligrams, which resulted in 15% weight reduction over 68 weeks in trials.

Wegovy HD was the first drug to be approved through the FDA’s new priority voucher system. This comes as Novo, despite being early to the GLP-1 boom, has been outpaced in sales by Lilly. The company released a pill version of Wegovy in January, which has shown strong early uptake, though new competitor products are set to debut this year and next.

The stock is down about 1.6% for the day, but was down nearly 3% before the announcement.

Tasha Matsumoto

Crudely speaking

What we talk about when we talk about crude oil

While both WTI and Brent are light and sweet crude, differences in geography and chemical composition influence the Brent-WTI spread.

ODESSA, TEXAS - APRIL 27: Pump jacks working on the Permian Basin near Odessa

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