Closing Bell: Is the Trend Still Your Friend? 11/22/24
Closing Bell
CNBC
4.4 • 139 Ratings
🗓️ 22 November 2024
⏱️ 42 minutes
🔗️ Recording | iTunes | RSS
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| 0:00.0 | And welcome to closing bell. I'm Mike Santoli in for Scott Wapner. This make-a-break hour begins with a sturdy, somewhat stealthy rally carrying into the end of a winning week. Here's a scorecard with 60 minutes to go in regulation. The benchmark S&P 500 modestly positive. You see it up there a little more than a quarter of 1% on the day, though that is being restrained by some more sluggishness in some of the |
| 0:22.2 | mega cap growth stocks out there. InVidia, in fact, the biggest drag on the index falling, |
| 0:28.4 | let's see, about 3% on the day and is now down below the closing price from before the company |
| 0:33.9 | reported strong results and raised guidance on Wednesday. |
| 0:40.3 | The Dow industrials, they are outperforming. |
| 0:43.1 | They are up about 8 tenth of 1%. Actually, so is the equal-weighted S&P up about that much. |
| 0:45.8 | While the Russell 2000 makes another run above the 2,400 market, |
| 0:49.7 | it's not far from what would be its first record high in about three years, |
| 0:54.0 | helped by upbeat readings |
| 0:54.8 | on the consumer in retail earnings and a services sector gauge this morning. |
| 1:00.0 | And then there's the tireless run in Bitcoin. |
| 1:02.8 | It is now trading above 99,0.99.250 at the moment, it got actually even a little closer |
| 1:08.6 | than that to the $100,000 mark as the buying frenzy rolls on. |
| 1:13.3 | It's riding hopes for wider adoption under the incoming Trump administration. |
| 1:17.7 | We will keep an eye on that one for sure. |
| 1:19.8 | That brings us to our talk of the tape. |
| 1:21.2 | How long will these favorable trends remain investors' friend as we enter an even stronger seasonal period with the |
| 1:27.9 | Bulls confidence riding high. Well, that's Warren Pyes, co-founder of 314 research. Warren, |
| 1:34.4 | great to see you. Thanks for coming on today. Yeah, thank you for having me. |
| 1:38.5 | So as I gather, Warren, you're kind of not in the mood to necessarily fight this up trend as we face the last |
| 1:45.6 | several weeks of this year. It just seems like you have the fundamental case. The Fed is in this |
| 1:50.7 | kind of orderly easing process. Obviously, the market technically has held this nice trend. |
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