Which is likely to move the market

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Here’s what the producers at CNBC TV were watching as the major averages made stunning comebacks from the day’s lows and what’s on the radar for the next session.

• Nvidia shares swung about $10 from session lows to day highs. The stock ended the day up 8%.
• Shares rose as CEO Jensen Huang spoke at the Communacopia conference, saying Nvidia’s key Blackwell chip is in full demand and fears of a slowdown or production issues are not a concern. Investors reacted to his optimism.
• The stock is still 17% off its June 20 high, but is up 136% so far in 2024.
• The S&P tech sector rose 3.25% on Wednesday. It’s 8% off its 52-week high.

• CNBC’s Mike Santoli, who always does a great job of explaining the market, made some great points. We will follow them on Thursday.
• He explained that Wednesday’s roughly 154-point return for the S&P 500 — from the morning low to the day’s high near the end of the session — had to do with rising bond yields. The Dow swung about 910 points from the day’s low to high, while the Nasdaq Composite rose about 633 points.
• Recently, as yields have risen, stocks have fallen.
• Because bond yields have retreated so quickly in recent months, investors have become jittery about falling on fears about the economy. In turn, this has affected confidence in the stock.
• Wednesday’s rise in yields, which also started late in the morning, Santoli explained, gave a new boost of confidence to equity investors.
• The sectors that have done best over the past three months are rate-sensitive – for example, real estate is up 18% in three months – as investors look for yield in the face of falling rates.
• Utilities are up about 10% in three months.
• Financials rose 8.6% in three months.
• Energy and communications services are the worst performing S&P sectors over the past three months, down 6% and 5%, respectively.

• We will dive back into the insurance sector after Wednesday’s decline. CNBC TV’s Contessa Brewer covers the beat. She noted the fall for traveldown 3.16% and Hartford Financialdown 2.4%. WR Berkley decreased by 2.36% and Aon decreased by 1.8%.
• Brewer’s sources say it may have to do with investor concerns that an election victory for Vice President Kamala Harris would lead to more litigation and fewer protections for businesses. This is a big issue for insurers across the country right now. Some investors are also concerned that a Harris victory would lead to less consolidation in the industry.
• The sector has been strong over the past three months.
• Progressive it has grown by about 20% in that time.
• Aon is up 17.4% in three months.
• Insurance Hannover up 15.4%.
• Arthur J. Gallagher by 15% in three months.
• Hartford Financial is up 14.7% in three months.
• Willis Towers Watson increased by 12% in three months.

• CNBC’s Jill Schneider was covering the cocoa trade on Wednesday.
• The commodity rose more than 6% on Wednesday. Increases by 12% in one week.
• Regulators in Ghana and Ivory Coast are talking to cocoa farmers about increasing the amount the countries pay farmers for their crops.
• Actions of Hershey fell more than 2% on Wednesday.

• CNBC TV’s Phil LeBeau will be watching and waiting for 33,000 union members to vote on a contract.
• Boeing it is 40% from December 21 high.
• The stock is down 7% so far in September.

• It was a big move for the sector on Wednesday ca First Solar increased by 15%. The stock is 22% off its June high.
• One reason was pro-industry investors believe Vice President Harris put herself in a better position to win the election with her debate performance Tuesday night. This has created a positive atmosphere for green energy, including solar.
• Canadian Solar rose about 12% on Wednesday. Shares are down 51% from their high nearly a year ago.
• Sunrun increased by 11.3%. The stock is down 14% from its August 26 high.
• SolarEdge rose 8.5% on Wednesday. That’s still 87% off its high a year ago.
• The Invesco Solar ETF (TAN) increased by 6.3%. It is 29% lower than the maximum reached in September last year.

• The supermarket operator publishes earnings on Thursday morning.
• Kroger has been irregular since the last report three months ago.
• CEO Rodney McMullen recently testified that the proposed merger with Albertsons would bring big savings to customers. The Federal Trade Commission is suing to block the deal, saying it would reduce competition and harm consumers.