Happy Friday! One of the most time-tested indicators of global economic health just plunged to levels not seen since the early days of the pandemic. Discover why it matters, and what to watch to help protect your portfolio.

Also, Wall Street's record-breaking rally has investors feeling good at the moment, however, some of the market’s biggest winners are starting to crack. Read on to see which high-flying stocks are flashing bearish patterns, and why they could be setting up for a big pullback.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

This Classic Economic Gauge Just Flashed A Crisis-Stage Signal

One of the most time-tested indicators of global economic health just plunged to levels not seen since the early days of the pandemic.

The copper-to-gold ratio — a widely watched gauge of global economic sentiment — has plunged to its lowest reading since March 2020. And based on history, when this gauge flashes red, trouble often follows.

Read on for the full breakdown and analysis, as well as opinions from market veterans about where gold, copper and the market are going from here.

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Yesterday: U.S. indexes finished higher Thursday, with the S&P 500 and Dow both hitting record highs after Nvidia topped analyst estimates, boosting investor sentiment on Wall Street. The 10-year Treasury yield dipped to 4.21%, continuing to ease from July highs, while oil bounced off the morning lows to finish up on the day. Revised second-quarter GDP growth was stronger than initially reported, coming in at 3.3% — up from 3.0% — due to solid fixed investment. Jobless claims edged lower this week to 229,000, slightly above estimates, while continuing claims declined modestly, suggesting a labor market that remains strong but is gradually cooling.

On Our Radar: Analysts will be watching a plethora of reports today, including: personal income, personal spending, PCE, retail and wholesale inventories and consumer sentiment.

Shares of Snowflake surged nearly 20% after strong-than-expected earnings, while Hormel Foods tanked more than 10% after missing analyst estimates. But those weren’t the only big movers of the day…

Discover how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

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On This Day In 1997…

Netflix was founded by Reed Hastings and Marc Randolph as a DVD rental-by-mail service. What started as a way to rent movies without late fees eventually transformed the entire entertainment industry. Netflix pivoted to streaming in 2007 and later became a major producer of original content, helping usher in the era of on-demand, binge-worthy TV. As of today, Netflix has become one of the biggest companies in the world with a market cap of more than $500 billion.

QUOTE OF THE DAY

“Only when the tide goes out do you discover who's been swimming naked.“

 — Warren Buffett

5 High-Flying Stocks Set For A Pullback

As the S&P 500 and Nasdaq set new records on the basis of multiple rate cuts this fall, investors may want to take a step back and reassess their portfolios — especially the high flyers.

Here’s a look at five stocks that have posted significant gains over the last three months but have recently made bearish signals, indicating that it might be time to take profits before a change in momentum.

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