Will this battle royal strike price cuts across the restaurant space. Well see what option action is ahead of earnings, buzz kill on workday, whats behind the double digit drop and the traders bring us their charts of the week im melissa lee live from studio b on the desk, steve, dan, carter, and mike and we start off with a record breaking week on wall street the nasdaq jumping more than a percent to set a high close. It is up nearly 13 this year, but its not just tech thats leading the market gains take a look at some of the names hitting records today. Walmart and costco in the consumer space, Utility Companies like eaton, constellation energy, industrials like howmet air space and names like netflix, moderna, Johnson Controls and others at 55week highs. With markets back in rally mode and strengthening seen across all sectors what do you do with these names now . What are your thoughts on our senators. Its interesting. Im looking at my screen, i see the s p up versus an s p up 11 .
Nvidia freezone. This thing has gotten too much even for me. We have to focus on something else. It seems the market only has the ability to focus on one stock at a time. That is why the dow up four points, the nasdaq jumped. I am thrilled that we can actually look at other companies. Even those making computer chips, generate a very i. Even if nvidia but the gravity of yesterday so often when up again today i think it is headed much higher. I always tell you to own it, not trade it. I think we can afford to give some of the companies a little love without betraying the ai colossus i like so much. Fortunately we have some very exciting Companies Reporting next week. Ones that revolve around whether the consumer is fatigued, taking a break, trying to figure out what to do. On tuesday, the holiday shortened week which is terrible because i celebrate the holiday like everybody else. I will be planning. On tuesday, we find out if cava is worth its rep today. This seems to be bandied about
10year yield at 4. 47. A lot of questions where the movement will be next and if we have seen the height of rates or not. Thats been a big question part of it weighing on the broader markets yesterday. Meanwhile, boeings slide after the cfo spoke yesterday and said the company would burn through cash this year the delivery of planes will not increase from the First Quarter to the Second Quarter as they deal with tproduction challenge. The price of ethereum pulling back after the runup this week. The si. E. C. Approved the rule change to pave the way for etfs that buy and hold ether. Specifically, the s. E. C. Order approves applications from various exchange to list eight ether funds. The order does not approve the funds or set a date for the etfs to start trading issuers are awaiting approval from the s. E. C. For the funds and it is unclear how long the process will take. This has been the week this was a buy the rumor and maybe not sell the news. Thats most of it ethereum is down 2
And just how high the a. I. Trade can fly. And tracking Consumer Spending trends ahead of the unofficial kickoff of summer its friday, may 24th, 2024. Youre watching Worldwide Exchange right here on cnbc good morning and welcome to Worldwide Exchange. Thank you so much for being here with us. Lets get you ready for the trading day ahead. We kickoff the hour with the stock futures check. Take a look. The futures are in the green. The dow would open up 20 points higher right now, the markets are looking to rebound from the selloff fueled by concerns of the fed and outlook for cuts that negated another Strong Quarter from nvidia. The dow had the worst day since march falling more than 600 points closer lower by 1. 5 . The nasdaq and s p 500 having the worst day since april with the s p on pace to snap a fourday win streak. For weeks, we have been debating if the earnings were the driver for the fed. We got our answer yesterday. Stronger than expected pmi numbers weighed on investors with
Explode. Speaking of ai thats been powering tech, but dont go with the high flyers. We have some under the radar names, and one sector and a name thats a bail. Thats coming up lets start with the markets with some recovery, we hope. Dom chu has the numbers. Its a recovery, modest for what happened yesterday, but we are seeing green, fractionally so to kellys point, the dow at 39,133, up about 68 points about 0. 2 of a gain there the s p 500 is now just above 5300, back to that level, 5304, up 36 points, 2 3 of 1 gain there. And it has been generally a positive day, because even at the lows of the session, we were up roughly 11 points and up about 44 points towards the highs of the session, so tilting a little more towards the higher end of that range. The nasdaq composite, the ted cruz heavier index, show up about 180 points, 16,969. Now, well move from stocks to the more macro commodity side of things because what we have seen over the course of this past week is some really decent hi