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Closing Bell

Closing Bell Overtime: Black Friday Edition 11/24/23

Closing Bell

CNBC

Business, News

4.4141 Ratings

🗓️ 24 November 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Stocks logged their fourth-straight week of gains in a holiday-shortened session on Wall Street. Barry Knapp from Ironsides Macroeconomics and David Bahnsen of The Bahnsen Group weigh in on the rally and how long it can last. Analysts Brian Nagel and Olivia Tong share their retail shopping lists with top picks heading into the holiday season. Evercore's Amit Daryanani talks about reports that Apple's iPhone sales dropped during China's Singles Day sales event, and what that could mean for the holidays in the U.S. Plus the latest on the drama at OpenAI, the top transports to watch, the CSX derailment, and new developments in weight loss drugs.

Transcript

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0:00.0

How do you top Santa? Well, stocks mixed in this shortened trading session, but the major average is

0:05.4

locking in their fourth straight week of gains is the longest weekly winning streak for the

0:09.5

S&P and NASX since June. That's the scorecard on Wall Street, but the action is just

0:13.3

getting started. Welcome to a special edition of Closing Bell overtime. I am

0:17.2

Morgan Brennan. John Fort is off today. Ahead on today's show, Apple dipping

0:21.9

in this shortened session after reports said

0:24.3

iPhone sales dropped during China's recent Singles Day event. We'll talk to an

0:29.0

analyst and a shareholder about what that portends for the holiday season here in the US.

0:35.0

Plus, we've got your holiday stock shopping list from retail picks to beauty bets and the

0:40.9

transports that stand to benefit the most in this crucial period for the

0:44.6

consumer. Let's begin with the market though as we wrap up yet another

0:48.3

winning week, Healthcare Stapels and Communication Services leading the

0:51.4

gains this week for the

0:52.7

S&P while utilities and energy lagged.

0:55.4

Joining us now is Barry Knapp of Ironside's macroeconomics and

0:58.9

David Bonson of the Bonson group.

1:00.8

Good afternoon to you both. I will start David with you and the fact that we

1:06.4

have seen this recent rally does it continue? Well my view is always the same that anybody trying to predict what will happen in the next day,

1:16.5

week, or even month probably shouldn't be listened to, and since I want people to listen to me,

1:20.9

I'll avoid trying to speculate it's a coin flip. The idea of a

1:25.6

Santa Claus rally of some big move up near the end of the year that's exactly

1:29.6

what has just happened and to get forward momentum from here without another

...

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