Joining us now on US and global markets, including the volatility we've seen in places like France and Japan, Luke Bars, chief business and client officer for fundamental equities at Goldman Sachs Asset Management. And Luke, uh, it's great to have you here this morning. I just wonder about the general setup here.One of the things we've been able to say for much of this year is that this equity rally has been a global affair. There's been a lot of participation elsewhere, perhaps driven by different dynamics ...

All right. Uh, Craig, we do have to talk about this news that's just crossing about the Chinese internet regulator telling those companies not to buy Nvidia just because of the sheer size of Nvidia and its weight in the market. Uh, if we see Nvidia moving lower on this report and maybe some pressure on the stock going forward, how does that shape your view of the market in general.>> Well, Frank, a couple things. First, I think a lot of investors and a lot of analysts have sort of backed out a lot of those ...

Let's bring in senior markets correspondent Kevin Green. What are you watching here today, Kevin. Well, Nicole, we are seeing a little bit less than 50% of the stocks in the S&P 500 uh in the green so far here.And it has been mixed when it comes to the performance. But when you're looking at the levels going into today, uh looking at the upside, 6640 uh to the upside, that's where we saw the majority of the call options being traded earlier this morning. Uh and then to the downside, your first area of suppo ...

Market Trends & Analysis - The S&P 500 and NASDAQ both hit record highs driven by earnings optimism [1] - Foldable phones offer a larger screen, potentially up to 11 inches diagonally, rivaling some tablets, while also being more pocketable when folded [1] - Chinese consumers show strong interest in foldable phones due to established vendor presence and multimedia experience [2] - The US dollar index is underwater by approximately 05% year-to-date, indicating multi-year lows [10] - Ether cryptocurrency is nearing $4,000, testing multi-year range highs [15] Company Performance & Strategy - Apple is reportedly planning to release a foldable iPhone next year, aiming to leverage its marketing capabilities to dominate the market [1] - An IDC survey indicates that 21% of respondents are interested in purchasing a foldable iPhone [1] - Apple's foldable phone could be priced between $1,500 and $2,000, potentially starting at $1,800 to avoid overlapping with ultra-premium iPhone prices [2][3] - Google (Alphabet) is considered undervalued due to antitrust concerns, but its strong position in AI, particularly with Gemini, presents a favorable investment opportunity [22][25] - NXP Semiconductors anticipates an emerging cyclical improvement in its core markets, guiding its Q3 performance [34] Financial Results - Zions Bancorporation reported adjusted net interest income of $661 million in Q2, exceeding estimates, though total deposits missed expectations [35][36] - Steel Dynamics reported a miss on earnings estimates for Q2, with adjusted EBITDA falling short of expectations due to trade policy uncertainty and inventory overhang [36]

Market Overview - A-shares experienced a slight increase, with the Shanghai Composite Index rising by 0.04% to 3,388 points, while the Shenzhen Component Index and the ChiNext Index rose by 0.24% and 0.23% respectively[15] - The Hang Seng Index and its technology sector continued to perform poorly, with the Hang Seng Index dropping by 1.12% and the Hang Seng Tech Index falling by 1.46%[10] - European markets showed mixed results, with the DAX down 0.50% and the FTSE 100 up 0.11%[8] Economic Indicators - The Federal Reserve maintained interest rates at 4.25%-4.5%, with a projected two rate cuts in 2025, reflecting a cautious economic outlook[29] - The U.S. GDP growth forecast for this year was lowered to 1.4%, while inflation expectations were raised, with the PCE forecast set at 3.0%[29] Commodity Prices - International oil prices saw a slight increase, with WTI crude oil rising by 0.4% to $75.14 per barrel and Brent crude oil up by 0.3% to $76.70 per barrel[25] - Gold prices remained stable, reflecting ongoing geopolitical tensions in the Middle East[25] Currency Movements - The U.S. Dollar Index increased by 0.1%, while the dollar appreciated slightly against the Chinese Yuan, trading at 7.189[24] - The Euro to Dollar exchange rate remained stable at 1.148, reflecting a 10.9% increase year-to-date[24] Sector Performance - In the U.S. stock market, 7 out of 11 sectors in the S&P 500 declined, with the energy sector dropping by 0.68%[8] - The technology sector showed resilience, with notable gains in AI-related stocks, indicating a potential rebound in core assets[8] Geopolitical Impact - Ongoing tensions in the Middle East, particularly between Iran and Israel, are causing market volatility and influencing commodity prices, especially oil[25] - Historical analysis indicates that if oil prices rise by over 50% due to conflict, it could trigger a recession in the U.S.[5]

Group 1 - The recent decline in the MAG7 index, which has dropped 13.6% since its peak at the end of 2024, is attributed to factors such as lowered growth expectations, increased inflation forecasts, and reduced spending by major companies like Microsoft [1][12][15] - The MAG7 index has experienced five adjustments since early 2023, with the current adjustment being the fifth, lasting 47 trading days [3][5][16] - The first four adjustments were primarily driven by liquidity shocks, while the fourth and fifth adjustments have been influenced by fundamental issues, indicating a shift in market dynamics [6][19][20] Group 2 - During the fourth and fifth adjustments, there was a noticeable style shift in the market, with technology stocks declining while sectors like utilities and healthcare showed gains [8][30][31] - In response to the adjustments, it is suggested that investors should consider traditional low-beta sectors such as utilities and consumer staples for risk mitigation [8][31] Group 3 - The MAG7 index's performance is closely linked to economic conditions, with high economic growth correlating with higher relative returns [32] - The current economic outlook indicates a potential decline in growth rates, with expectations for 2025 and 2026 showing a decrease from 55.8% to 31.7% and further to 15.6%, respectively [36][37] - The individual stocks within the MAG7 index exhibit varying trends, with companies like Apple and Microsoft expected to maintain stable performance, while others like Nvidia and Amazon may face greater adjustment pressures [38]