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Stock Market: What’s Likely To Move The Market

STOCK MARKET: What’s likely to move the market

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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 4, 2024. 

Brendan Mcdermid | Reuters

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Here’s what CNBC TV’s producers were watching as the major averages made a stunning comeback from the day’s lows and what’s on the radar for the next session.

The big stock story of the day

  • Nvidia shares swung by about $10 from the session lows to the day’s high. The stock ended the day higher by 8%.
  • The stock jumped as CEO Jensen Huang spoke at the Communacopia conference saying Nvidia’s key Blackwell chip is in full demand and fears of a slowdown or production problems aren’t a concern. Investors reacted to his optimism.
  • The stock is still 17% from the June 20 high, but it’s up 136% so far in 2024.
  • The S&P tech sector was up 3.25% on Wednesday. It is 8% from the 52-week high.
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Nvidia’s year-to-date performance

The sectors

  • CNBC’s Mike Santoli, who always does a great job of explaining the market, made some great points. We’ll be following up on them Thursday.
  • He explained that Wednesday’s roughly 154-point turnaround for the S&P 500 — from the morning’s low to the high of the day near the end of the session — had to do with rising bond yields. The Dow swung about 910 points from its low to the day’s high, while the Nasdaq Composite saw a roughly 633-point jump.
  • Recently as yields have gone up, stocks have fallen. 
  • Because bond yields have retreated so quickly in the last few months, investors have grown nervous that they were dropping due to fears about the economy. In turn, this hurt confidence in stocks. 
  • Wednesday’s rise in yields, which also began in the late morning, as Santoli explained, gave a new boost of confidence to stock investors. 
  • The sectors that have done best in the last three months are rate-sensitive — for instance, real estate is up 18% in three months — as investors look for yield in the face of falling rates.
  • Utilities are up about 10% in three months.
  • Financials are up 8.6% in three months.
  • Energy and communication services are the weakest S&P sectors in the last three months, respectively down 6% and 5%.

Insurers

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Progressive shares over the past three months

Cocoa

Boeing

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Boeing’s 2024 performance

Solar stocks

  • There was a big move for the sector Wednesday as First Solar picked up 15%. The stock is 22% from the June high.
  • One reason was investors who back the industry think Vice President Harris put herself in a better position to win the election with her debate performance Tuesday evening. This set up a positive atmosphere for green energy, including solar.
  • Canadian Solar was up about 12% Wednesday. Shares are 51% from their high nearly a year ago.
  • Sunrun was up 11.3%. The stock is 14% from the Aug. 26 high.
  • SolarEdge was up 8.5% Wednesday. It’s still 87% from its high about a year ago.
  • The Invesco Solar ETF (TAN) rose 6.3%. It is 29% lower from the high it reached last September.

Kroger reports before the bell



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