Closing Bell: Bumpy Road Ahead for Stocks? 9/6/24

Closing Bell

CNBC

Business, News

4.4 • 139 Ratings

🗓️ 6 September 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

The road ahead for stocks has gotten bumpier… but are there too many potholes to get around? Fundstrat’s Tom Lee, Solus’ Dan Greenhaus and Payne Capital’s Courtney Garcia break down their forecasts. Plus, Morgan Stanley’s Chris Toomey tells us how he is advising his clients ahead of this month’s critical Fed decision. And, homebuilders were a rare bright spot in today’s down tape. We tell you what’s behind that big bounce.

Transcript

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0:00.0	Welcome to Closing Bell. I'm Scott Wobner live from Post 9 here at the New York Stock Exchange.
0:03.8	This make a breakout begins with the Tech Rec. That sector is down 7% this week under pressure yet again today.
0:09.9	We'll show you the NASDAQ here in this final stretch.
0:12.5	Worst week in about 18 months, almost 2.5%.
0:15.7	Chips, the focal point.
0:16.8	As you no doubt know by now, Broadcom
0:19.0	is the latest post earnings pummeling,
0:22.2	almost 10%. And the index that tracks the semi-spaces down
0:25.4	more than 11% this week alone. The weakness though not limited. There
0:29.7	Microsoft is below 3 trillion in market cap today.
0:33.1	Apple is down ahead of its big event next week.
0:36.4	Elsewhere, a big jump in volatility today.
0:38.6	The Vicks is surging.
0:39.8	There it is up more than 11%, north of 22 yields they're going the other way they're falling
0:44.5	there's the 10 year 371 two years below that and all of that after a weaker than
0:49.4	expected jobs report raising even more questions now about the economy and the Fed.
0:54.6	It takes us to our talk of the tape, the road ahead for stocks.
0:57.4	Definitely gotten bumpier.
0:58.8	The question now is, are there too many potholes to get around?
1:01.9	Let's ask Tom Lee, he's managing partner, head of
1:04.0	research at Funstrat, also a C and B. Contributor and also here live at Post 9.
1:09.4	Welcome back. Great to see you, Scott. What's going on here, Tom? Well, it's been a rough week.
	...

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