Closing Bell: Mag 7 Stocks Diverge, Fed Preview 12/17/24
Closing Bell
CNBC
4.4 • 139 Ratings
🗓️ 17 December 2024
⏱️ 50 minutes
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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. |
| 0:04.2 | This make a break hour begins with the appetite for risk, which one firm says is at its highest level in some three years. |
| 0:11.1 | So does it mean another leg to this record setting rally is in the cards before year end? |
| 0:15.9 | We will ask our experts over this final stretch, including Schwab's Lizanne Saunders, who will join me momentarily, |
| 0:21.6 | and we're looking very much forward to that. In the meantime, let's show you the scorecard here |
| 0:24.8 | with 60 to go in regulation. We have a down day on the street. It's red all the way around. Dow is |
| 0:31.4 | the big loser for its ninth day in a row. That's the longest streak since 1974. |
| 0:38.4 | Important to note half the losses due to United Healthcare, which does continue its |
| 0:42.5 | slide yet again today, down nearly 4%. Tech taking a bit of a breather as well, though Apple |
| 0:48.4 | hitting yet another record high in its own right. Microsoft and Tesla are also higher |
| 0:53.0 | today. Interest rates, they're a touch lower ahead of tomorrow's Fed decision. |
| 0:56.7 | They cut, as you know, widely expected. The real question, though, what happens after that? We'll have a report on that coming up as well. |
| 1:03.9 | It takes us to our talk of the tape, just how much gas is left in the tank of this bull run. Let's ask Lizanne Saunders, who joins us now. |
| 1:10.4 | She is Schwab's chief market |
| 1:11.5 | strategist. Welcome back. Nice to see you. Nice to see you too, Scott. Thanks. |
| 1:15.3 | You know, I cite the fact that people are pretty bullish. It's Bank of America and their fund |
| 1:19.9 | manager survey today, which cited super bullish sentiment, record low allocation to cash, record |
| 1:26.6 | high allocation to stocks, and a three-year |
| 1:29.5 | high in global risk appetite. What does that tell you, if anything, on where you think we might |
| 1:35.0 | go here over this last stretch of 24 and making the turn into 25? |
| 1:40.2 | Well, you know, Scott, it's among many sentiment indicators that do show a decent amount of froth in the market. |
| 1:46.0 | And it's both on the attitudinal side of things, a survey-based data, as well as on the behavioral side. |
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