July 18, 2024

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Stock futures fall after S&P 500 hits new low for the year; The 10-year Treasury yield briefly tops 4%

Stock futures fall after S&P 500 hits new low for the year;  The 10-year Treasury yield briefly tops 4%

CNBC Pro: Credit Suisse says it’s time to buy two green hydrogen stocks — and gives one more than 200% upside

Credit Suisse says it’s time to enter the green hydrogen sector, with a number of catalysts set to drive the clean power plant.

“Green hydrogen is a growth market – we increase the market estimate for 2030 by [over] 4x, the bank said, predicting that green hydrogen production will expand nearly 40 times by 2030.

You name two stocks to play the boom – giving a more than 200% upside.

CNBC Pro subscribers can read more here.

– Weezin Tan

The 10-year US Treasury yield exceeded 4% for the first time since 2010

CNBC Pro: Asset manager reveals stock’s next move — and shares how it trades in the market

Neil Fitch, chief investment officer at Edinburgh-based SVM Asset Management, says he expects the overall landscape to remain “extremely challenging” for the rest of the year.

Talking to CNBC Pro . Talks Last week, Fitch named the main drivers that could help the stock market turn “more positive” and shared his view on growth versus value.

CNBC subscribers can read more here.

– Xavier Ong

Questions about earnings, a possible recession means more selling in the future

The Dow and S&P 500 have fallen for six days in a row, with many of those who saw a broad sell-off seen typical of the so-called “crash” days.

This can sometimes be a conflicting buy signal on Wall Street, but many investment professionals are skeptical that the selling is over. One reason is that earnings forecasts for next year still show solid growth, which is unlikely in the event of a recession.

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said Andrew Smith, chief investment strategist at Delos Capital Advisors in Dallas. “But I find it hard to reconcile in my mind that the earnings story is going to be as good as we expect.”

In addition, dramatic moves in the bond and currency markets mean that something has “broken” and it may be smart to wait for that information to wear off, Smith said.

On the positive side, Smith cited a strong labor market and signs of continued travel spending as a sign that the US economy may be able to avoid a major recession.

– Jesse Pound

Futures contracts open higher

Stock futures rose slightly after trading began at 6 pm Dow futures rose more than 60 points at a time, although those gains have since narrowed.

Nasdaq 100 futures posted the biggest early jump of three, suggesting that technology may continue to outperform Wednesday.

– Jesse Pound

The Standard & Poor’s 500 hit a June low on Tuesday

Although Tuesday’s closing levels showed relatively modest daily moves, the S&P 500 fell below its intraday low of the year during the session. This move was seen by many as confirmation of the failure of the stock’s summer rally.

The S&P 500 is now 24.3% off its high, and the Dow is in bear market territory, down nearly 21.2%. The Nasdaq Composite, whose low dates back to last November, is 33.2% below its high.

The next major gauge for investors in the coming days could come from the bond market, where the 10-year Treasury yield has climbed to just under the 4% level.

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Jesse Pound, Christopher Hayes