Video summary
The market is experiencing a significant risk-on rally on September 21st, driven primarily by strong performance in the technology sector. Major indices are trading near or at all-time highs, with the S&P 500 futures reaching a new peak of 7841 and the Nasdaq 100 surging nearly 3% to hover around 30,975. This impressive momentum has lifted the broader market, pushing the Dow Jones up by approximately 0.8% and the Russell 2000 by a similar margin, as investors respond enthusiastically to the day's positive sentiment.
Despite the widespread gains in equities, specific sectors like crude oil are moving in the opposite direction, trading down about 3.8% to settle near $92.45 per barrel. This divergence is accompanied by rising interest rates, with the 10-year Treasury yield hovering around 4.97%, and a strengthening dollar that has gained roughly 0.2%. Interestingly, while stock markets are hitting record levels, the VIX volatility index has risen slightly from its morning low of 1460 to 1501, suggesting some underlying caution even as prices climb.
The technology sector is leading this charge, with standout performances from major players like Meta and Intel. Meta shares have jumped an impressive 12% following news regarding their new AI assistant, Muse, which has captured significant investor attention. Over the past five weeks alone, Meta's stock has gained over 200 points, climbing from around 550 to nearly 750 as it approaches its all-time high of 796. Similarly, Intel is rallying with gains nearing 10%, contributing to a broad-based surge across tech stocks that is fueling the overall market advance.
In summary, the trading session is characterized by a powerful upward trend in technology-driven indices, overshadowed only by weakness in energy prices and persistent high yields. The Nasdaq 100's relentless climb of over 600 points from the open highlights the dominance of tech giants like Meta, which are pushing major benchmarks toward new records. As the day progresses with about an hour remaining, the focus remains on whether this momentum can sustain itself against the backdrop of elevated interest rates and a slightly more volatile sentiment reflected in the rising VIX.
Read the full video transcript
This is TFFN,
the Tiger Financial News Network.
TFFN
headline news [music] update.
>> Good afternoon, folks. Tommy O'Brien
coming to you live from TFFN 3:00 p.m.
Eastern time. We got 60 minutes left to
go in the trading day. You talk about a
risk-on day, folks. Technology stocks
crushing this market higher. You got an
S&P though, all-time highs, folks. S&P
up 1.7%
up 131 points on the futures. And the
futures with an all-time high of 7841
right now. Look at this run. All day
higher, 80 points higher right out of
the gate. We came into the session in
higher prices. And it's the Nasdaq 100,
man. Up 3% nearly, folks. You're talking
about a run of to the tune of What is
that? Yeah. 600 points from where we
were on the open. And you already nearly
300 points higher at that time. Nasdaq
100, we are right at all-time highs.
Look at this move. How's that for a
daily? 30,975
hanging out there. We're within about
200 points on the Nasdaq 100. Dow up
8/10% 52,521
right now. And you got the Russell up by
8/10% We jump over to crude. So, that's
part of the story today, for sure.
Crude traded lower. How's that for a
daily? All right. 9245, we're lower by
$3.64.
Off 3.8% for crude. We'll jump over to
some of the headlines pushing crude
lower. We jump to yields right now. The
10-year
no real reprieve just yet. 4.97
on the 10-year right now. You jump over
the dollar up 2/10% 100.42.
Gold, little bit lower on that number of
$42 trading at 43.82.
Now, I was going to say the equities,
they were higher. Equities down by 1%
right now. 94.47, we jump over the VIX,
1501, actually elevated from where we
were this morning. 1460 was the number
this morning. We're sitting at 1501
right now with an S&P future sitting at
all-time highs. S&P's
up 1.7 and a NASDAQ 100 up nearly 3%.
And let's just jump around to some of
the equities. Check out Meta, up 12%
today for Meta. Okay, Muse,
their new assistant, the top of the
charts and technology stocks everywhere
pushing higher. Good day for Meta to
have some news on top of it, but my
goodness, right? Up 12%. Watch this.
Five weeks, folks. Five weeks. You're up
200 points from 55 550 to 750 over the
span of five weeks. It's only Monday.
How's that for a weekly bar? Meta making
a run for all-time highs of 796. We're
trading at 744 right now. We got
technology stocks higher. We got yields
still near 6%. We'll come back. We'll
take a look at crude. We'll take a look
at some of the technology equities.
Intel up nearly 10% as well. We'll come
right back with the Tom O'Brien show,
folks.