Qualcomm and Intel, triple magic: market dominance over time

On today's episode of Market Domination Overtime, hosts Julie Hyman and Josh Lipton analyze the market close and discuss some of the biggest stories of the trading day.

The Dow Jones Industrial Average (^DJI) closed above its zero line on Friday, while the Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) were weak in trading. Overall, the three market indexes closed another week of gains against their five-day moving averages following the Federal Reserve's decision to cut interest rates.

Ron Temple, chief market strategist at Lazard, argues that the market is “well positioned to continue to gain ground over the long and medium term.” He believes that the Fed's 50 basis point rate cut is “actually insurance against excessive labor market weakening.” He continues: “Now, if you combine that with a strong corporate sector, a strong household sector and good corporate earnings, this is a market that can continue to function.”

A new report from the Wall Street Journal indicates that Qualcomm (QCOM) has approached Intel (INTC) about a possible acquisition. Cory Johnson, chief market strategist at Futurum Group, explains: “This would be the largest deal in the history of the semiconductor industry ever.”

With just a month and a half until the election, Rick Newman, senior columnist at Yahoo Finance, discusses how voters are evaluating the contrasting economic plans of Vice President Kamala Harris and former President Donald Trump. Newman notes that Harris and Trump are neck and neck in polls when it comes to handling the economy. He explains that the economy used to be one of Trump's biggest advantages over President Biden and that Harris has “completely neutralized” that advantage since leaving the race.

Friday's close marked the end of a “triple witching” session that saw $5.1 trillion worth of equity index futures, equity index options and equity options expire simultaneously. Bret Kenwell, investment and options analyst at EToro US, tells Yahoo Finance: “Today was one of the four big expiration days of the year as far as the options market is concerned, and you saw that activity leading up to today's session with so much back and forth.”

Finally, Julie Hyman and Josh Lipton analyze what's important next week, from Fed commentary to August's Personal Consumption Expenditures (PCE) data.

This article was written by Melanie Riehl