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Squawk on the Street

Bulls Rule in 2023, Nvidia's 240% Surge, S&P 500 Hitting 5200 in 2024? 12/29/23

Squawk on the Street

CNBC

Business, Investing, News

4.1567 Ratings

🗓️ 29 December 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Sara Eisen and Bob Pisani wrapped up 2023's big stock market rally: Major indices on track for nine straight weeks of gains, the S&P 500 taking aim at a record closing high and poised for its longest weekly win streak in almost two decades, the Dow on a record run and the Nasdaq 100 set for its best year since 1999. Sara and Bob explored what to expect from stocks, bond yields and the Fed in 2024, along with "Magnificent 7" names such as Nvidia: The stock up more than 240% in 2023. Oppenheimer Chief Strategist John Stoltzfus joined the program to discuss his S&P 500 year-end price target of 5200 for 2024. Also in focus: The best performing tech stock of the year, oil prices' 2023 slump, the AI trade beyond tech. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

0:12.2

Good Friday morning and welcome to Squack on the Street. I'm Sarah Eisen with Bob Pissani.

0:16.5

Today, live from Post 9 of the New York Stock Exchange, Carl Jim and David, have the morning off.

0:20.9

Last trading day of the year, taking a look at futures. Will we get a record close for the

0:26.3

S&P? I don't know. It looks like another quiet day. Futures pointing up. Dow futures up 12 points.

0:31.6

Dow, by the way, at a record high. NASDAQ 100 also at a record high. Nasdaq composite down one point here in the pre-market. It's about

0:39.3

6% away from its own record high, but having a banner year up more than 44% so far. Our roadmap

0:45.4

begins with the final trading day of 2023. Best year for stocks since 2019. S&P 500 still on the

0:52.6

cusp of a record as the stock melt-up continues. Plus 12 stocks in the S&P 500 still on the cusp of a record as the stock meltup continues.

0:56.0

Plus 12 stocks in the S&P 500 gaining more than 100% on the year.

1:00.4

We're going to break down the big winners.

1:02.2

And oil prices heading for their first losing year since 2020.

1:05.5

WTI crude down more than 20% in the fourth quarter alone.

1:09.9

We begin with the markets, though,

1:11.6

and there's a lot to say, Bob, about the performance this year,

1:14.6

especially in the last month, because we're closing out the month of December

1:18.6

and the fourth quarter.

1:19.6

It's been a surprisingly eventful and bullish one.

1:22.6

I'll just give you one stat.

1:24.6

So we're now going to close out our nine week of gains for the S&P

1:28.4

and for the NASDAQ, something we haven't seen in unison, according to bespoke, since 1985.

1:33.9

It's almost two different years. There's everything up until the end of October, and then

...

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