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Closing Bell

Closing Bell Overtime: Chips Sink Nasdaq to Worst Day In 18 Months; Nvidia Falls Over 6% 7/17/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 17 July 2024

⏱️ 43 minutes

🧾️ Download transcript

Summary

Investors sold off foreign chip stocks on multiple potential headwinds, including Nvidia down over 6%. Bernstein’s Stacy Rasgon breaks down what you need to know. Plus, earnings from United, Alcoa, Discover, SL Green and more. BD8 Capital’s Barbara Doran and Vital Knowledge’s Adam Crisfulli on the key takeaways. Analyst reaction to United and Discover’s earnings and Zelman & Associates’ Alan Ratner on the homebuilders trade.

Transcript

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0:00.0

That's the end of regulation. Capital Group, ringing the closing bell to New York Stock Exchange,

0:04.3

the Financial Women's Association at the NASDAQ.

0:06.8

So Bifurcated Market, as the Dow closes at a record, crossing above 41,000 for the first time while the NASDAQ turns in its worst day in more than a year and a half down some 2.7 percent.

0:18.0

Small caps also taking a breather.

0:20.0

After touching a new 52 week high earlier in the session that is the scorecard on

0:23.9

Wall Street for the action is just getting started welcome to closing bill

0:26.8

overtime I'm working Brennan with John Ford and we got a big hour of

0:30.4

earnings coming your way including results from United Airlines

0:33.7

which are out we are going through them

0:35.5

discover financial alcoa and more we're gonna bring you all those headlines as

0:39.6

soon as they cross plus chip stocks diverging today either getting hit very hard or

0:45.7

seeing a jump on China concerns and heated rhetoric from both presidential

0:50.4

candidates we're gonna break down what that means for investors.

0:53.8

And home builders have been building on gains during this market rotation, but one analyst

0:58.5

will join us with a warning for that group heading into earnings.

1:01.8

But first, we begin with the market.

1:04.1

The 3.7% pulled back for the tech sector,

1:07.5

dragging the NASDAQ and the S&P 500,

1:10.0

both lower.

1:11.0

The Dow jumping to a record close, as we just mentioned. That was boosted in large

1:14.2

part by United Health. Let's bring in our market panel to break it all down. Joining us now, Barbara Duran

1:19.6

from BD8 Capital Partners and Adam Chrisifouli of vital knowledge.

...

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