Stock Market Today: NVDA Ups AI Financing, ONON Plunges, APO Yankees Stake

**Marley Kayden** (0:00)
Welcome to The Wrap, I'm Marley Kayden, here to take you through today's market action. Let's take a look at where the markets closed to end the day. The S&P 500, NASDAQ 100 and Dow all closed down a third of a percent on the day. The Small Cap Russell 2000 went the other way and ended up on the session by a third of a percent. As we take a look at the leading and lagging sectors on the day with rates lower on the day, it was utilities that was the biggest leader on the sector side up 1.1%.
That was followed by energy up 1% and industrials, interest up just about a half of a percent. To the downside, communication services was down a little more than 2% on the day. Real estate lower by 0.86% and consumer discretionary was down three quarters of a percent.
Now let's look at some stocks on the move. Shares of ON Holding sold off 20% in reaction to the company's earnings report. The company reported 13.5% revenue growth with direct consumer sales rising 26%.
The selling comes after the company said it is deliberately managing wholesale selling to protect full price integrity in a promotional marketplace. The stock fell to its lowest level in more than two years. Nvidia closed pretty much unchanged but announced partnerships with six asset managers to mobilize more than $500 billion of third party capital for the build out of AI infrastructure. Apollo, BlackRock, Blackstone, Brookfield Asset Management, Goldman Sachs and KKR are involved in the project to establish financing platforms for Nvidia customers.
Shares of Apollo Global Management rallied 6% after striking a $2.6 billion financing deal with the New York Yankees. The transaction is expected to close imminently and consist of both credit and equity. Apollo said the proceeds will go toward the continued growth of the Yankees franchise and refinancing of current debts. The Steinbrenner family will maintain full control of the team. As we look ahead at what we are watching for Wednesday, inflation will be front and center with CPI released at 8:30 a.m. Eastern. Year over year, CPI is expected to come in at 3.4 percent, which is a tick lower than last month. Poor CPI expected to come in at 2.5 percent, which is also just a tick lower than the last month. A few earnings to watch for in the morning. We got reports from Nebius, Breaker International and Tencent. After the bell, it's Cisco and Cerebris. That'll do it for the wrap. I'm Marley Kayden. Remember, you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.