2nd Hour: Countdown to the Fed, Salesforce CEO Marc Benioff, Housing Outlook for 2025 12/18/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 18 December 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Sara Eisen and David Faber kicked off the hour by counting down to the big Fed meeting, where the group is expected to cut rates for the third time this year. Later in the show, Sara Eisen played a portion of her interview with Salesforce CEO Marc Benioff, after the company announced it will hire 2,000 people to sell AI products. Benioff detailed why he’s “never been more excited about anything in my entire career.” The CEO of Compass also joined the desk at Post 9 with his outlook for the housing market in 2025. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Wednesday morning. Welcome to another hour of squawk on the street. I'm Sarah Eisen with Carl
0:10.7	Kintanian, David Faber, live at post-9 of the New York Stock Exchange. Stocks, little changed.
0:16.0	Happy Fed Day. The S&P 500 is a little bit higher. Financials, technology, healthcare, industrials, communication services, and materials.
0:23.5	All those sectors are up right now, but it's being offset by losses in consumer discretionary, energy, consumer staples.
0:30.1	Tesla's down 2%.
0:31.3	That's a little bit of a different story than we've seen lately.
0:34.5	And obviously, these big technology heavy waiters move the
0:38.6	indexes. There's the NASDAQ. It is down just a fractionally, again, marching in place
0:43.8	ahead of the Fed. Take a look at Treasuries right now. The story's been higher yields into the Fed
0:49.3	meeting, the 10-year yield higher again. 4.39 percent, 30-year higher as well, but kind of mixed across the curve.
0:56.3	We're 30 minutes here into the trading session. Here are three movers we're watching.
1:00.2	Shares of NVIDIA are rebounding this morning after being down four straight, down days,
1:04.7	and eight of the past nine trading sessions. Despite today's gains, the stock is still in
1:09.1	correction territory, which means it is down
1:11.2	more than 10% from recent highs. Shares of General Mills dropping after cutting its outlook for
1:16.4	next year. The cereal maker revived volumes by lowering prices across its products, but
1:21.7	higher targeted promotional investments weighing on the forecast. Shares of Salesforce moving
1:26.8	higher, the company unveiling its next generation AI platform
1:29.8	and hiring 2,000 people to sell its AI software to clients.
1:33.5	I did speak with Salesforce CEO Mark Beniof about this big news.
1:37.1	That interview is coming up in just a few moments from now, including some new tidbits
1:42.3	on what they're seeing as far as demand and orders. But guys, today is the
	...

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