Previous Close | 90.28 |
Open | 90.28 |
Bid | 84.75 |
Ask | 86.35 |
Strike | 365.00 |
Expire Date | 2025-12-19 |
Day's Range | 90.28 - 90.28 |
Contract Range | N/A |
Volume | |
Open Interest | 322 |
On today's episode of Morning Brief, Hosts Seana Smith and Brad Smith analyze the market and report on some of the biggest stories of the trading day. All three of the major indexes (^DJI,^GSPC, ^IXIC) opened lower on Thursday amid the latest labor market data and increasing Middle East tensions. Initial jobless claims for the week ending September 28 rose to 225,000, slightly above the estimated 221,000. Oil prices (CL=F, BZ=F) are continuing to spike as tensions boil between Israel and Iran. US stock markets are experiencing a period of heightened volatility, driven by a variety of factors including Hurricane Helene, the upcoming US presidential election, and escalating Middle East tensions. The Wealth Consulting Group's chief market strategist Talley Léger acknowledges that markets have been hit by numerous events that could potentially unsettle investors, questioning, "when are they perfectly certain?" However, he notes that such turbulence is a common occurrence in financial markets, adding that "through it all, the stock market has continued its inexorable march forward." Due to this dynamic, Léger advises investors to view market dips as potential buying opportunities. The rotation out of Big Tech has become evident, with the standout "Magnificent Seven" (AAPL, TSLA, GOOG, GOOGL, AMZN, META, MSFT, NVDA) names no longer being the market frontrunners they once were. Roundhill Investments CEO Dave Mazza notes that the Magnificent Seven's market leadership "hit an abrupt stop" in mid-July, fueled by the unwinding of the yen carry trade. While Meta has been the only name to somewhat recover, Mazza believes "it's too early to give up" on the Magnificent Seven. Barton Crockett, Rosenblatt’s senior research analyst, outlines his bullish stance on Meta. “The growth supports the multiple… The bigger backdrop, we think, is that people are getting more comfortable with Meta’s strategic positioning. Their investments in AI have yielded improved returns on investment for marketers and better engagement from users, and they've kind of led and developed this direct marketing to kind of small- or mid-sized companies globally. This almost new niche that they've pioneered and owned.” Crockett explains. The Hang Seng (^HSI) ended the day lower after 13 straight days of gains following a wave of stimulus measures aimed at bolstering the country's struggling economy. While JPMorgan has warned investors about the risks of chasing the rally given its high valuations, KraneShares CIO Brendan Ahern argues it's still in the "very, very early innings." With more information about fiscal policy expected from Chinese officials, the rally could continue. He adds, "Instead of looking through the rearview mirror, let's look through the windshield." This post was written by Melanie Riehl
The rotation out of Big Tech has become evident, with the standout "Magnificent Seven" (AAPL, TSLA, GOOG, GOOGL, AMZN, META, MSFT, NVDA) names no longer being the market (^GSPC,^IXIC,^DJI) forerunners they once were. Roundhill Investments CEO Dave Mazza joins Morning Brief to discuss the dynamics of the Magnificent Seven. Mazza notes that the Magnificent Seven's market leadership "hit an abrupt stop" in mid-July, fueled by the unwinding of the yen carry trade. While Meta has been the only name to somewhat recover, Mazza believes "it's too early to give up" on the Magnificent Seven. "While we don't expect them to continue to see just outsized performance, it's tough to see the market continue to grind higher without their participation. I think a broadening is good, but I actually want these leaders to be able to participate at the same time," he explains. Regarding the Magnificent Seven as a whole, Mazza explains they were given that name because they were all performing at the same rate and outperforming the rest of the markets with a strong lead. However, as that trend has begun to waver, Mazza identifies Tesla as the most concerning among the names. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith
Small caps paced a generally mild drop in stocks Thursday while gold miners fell sharply and China-based highfliers took a breather. But some growth players muscled higher and triggered new breakout points and follow-on entries on the stock market today.