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Closing Bell

Closing Bell: Overtime: Averages End First Week Of 2024 Lower; Hottest Sectors for 2024 Dealmaking 01/05/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 5 January 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

The first trading days of 2024 are in the books and the major averages snapped their 9-week winning streaks. Lindsey Bell, 248 Ventures Chief Strategist, and Nathan Sheets, Citi Global Chief Economist, discuss what’s ahead for the markets. Moody’s Chief Economist Mark Zandi breaks down the December jobs report and what it means for the Fed. Barclays Co-Head of Investment Banking Taylor Wright talks the IPO pipeline and what sectors could see the most dealmaking in 2024, while Oppenheimer senior biotech analyst Jay Olson talks the health care sector and what stocks he is watching in the year ahead.

Transcript

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0:00.0

All the major indices in the green just barely and I should count the Russell that's down

0:10.4

Everything down for the week that's scorecard on Wall Street, but winter stay late welcome to closing about overtime. I'm John Fort with Morgan Brennan

0:16.2

It was a volatile day for the market as a major averages snap a nine week winning streak we started lower we ended higher coming up

0:23.7

Moody's analytics chief economist Mark Sandy on what the stronger than

0:28.5

expected a December jobs report could mean for the Fed and the economy

0:32.2

plus Barclays co-head of investment banking, Taylor rights on which sectors could see the

0:37.3

most M&A activity this year.

0:39.7

Well, let's get more on this rough starts the year for the market.

0:42.6

Mike Santoli joins us now from the New York Stock Exchange.

0:45.2

Mike, I mean, we just said it.

0:47.1

It was a volatile day.

0:48.2

We started lower.

0:49.0

We ended higher.

0:50.2

We had a hotter than expected jobs report. We had a softer than expected ISM services report.

0:55.6

What to make of it all?

0:56.6

You know, Morgan, it seems as if the market was a bit apprehensive in terms of how to interpret

1:01.8

the economic data, but it didn't stray too

1:04.3

far from the premise that we have a slowing economy but one that's not falling apart.

1:08.4

There's still support of worker income growth. You still basically have the unemployment rate at 3.7

1:14.5

i. S. M. Services can we shrug it off can it bounce back? That's a question right

1:18.4

here. I don't think the market wants to see a lot more weakness. But at this point

1:22.0

after a nine week 16% rally in the S&P 500

...

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