Closing Bell Overtime: Dow record close, Intel/Qualcomm Merger Talks and iPhone 16 on sale 9/20/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 20 September 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Dow closing at a record high again following Wednesday's interest rate cut by the Fed. Dow component Intel rallying into the close after sources say rival Qualcomm approached the chipmaker about a possible merger. Moor Insights & Strategy CEO Patrick Moorhead says a deal makes a lot of sense for both companies and could get approval by regulators. Apple's iPhone 16 officially going on sale today amid concerns about demand. Tony Fadell, the co-creator of the iPhone and iPod, discusses what's at stake for Apple and weighs in on the importance of AI. Constellation Energy announcing it is reopening the Three Mile Island nuclear plant and selling that power to Microsoft for its AI data center needs. And Veriten's Michael Bradley discusses where the opportunities are for investors in nuclear power.

Transcript

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0:00.0	That's the end of regulation. Harmony Gold Mining ringing the closing belt,
0:03.6	New York Stock Exchange, and Nanox imaging during the honors at the NASDAQ.
0:07.2	Well, looks like we got another record close for the Dow, albeit just barely,
0:12.0	following Wednesday's Fed rate cut though the S&P and
0:15.0	Nasak both closing slightly lower that's the scorecard on Wall Street but the
0:18.6	action is just getting started.
0:20.1	Welcome to closing bell over time I'm Morgan Brennan with John Ford.
0:23.2	Yeah, the Dow and S&P now up for five of the last six weeks while the NASDAQ is on a two-week
0:28.3	win streak. Intel rallying into the close on a report Qualcomm has approached the company about a takeover.
0:34.1	Qualcomm lower on the same headline.
0:36.1	A top tech analyst reacts to that.
0:39.3	And the iPhone 16 making its debut in stores today. Coming up father of the iPod one of the fathers the co-creator of the iPhone
0:46.7	20 Fidel is going to tell us what's at stake for the industry including Apple and a rare exclusive interview
0:52.0	Can't wait for that, but first, let's break down today's action with our market panel,
0:56.1	Tracy McMillian, of Wells Fargo Investment Institute and Kevin Gordon of Charles Schwab.
1:00.6	Great to have you both here.
1:01.6	Kevin, I'm going to kick it off with you.
1:02.8	We have mixed picture here for major averages on this Friday afternoon.
1:06.6	However, everything's finishing the week higher.
1:10.6	We did get a record closed from the Dow. What do you buy into now, especially if you have a Fed that has finally pivoted into this easing cycle?
1:18.0	Well, I think what's interesting is that, you know, all the talk this week is how the Fed has taken a different approach relative to prior
1:23.2	cycles where they start with a 50 basis point rate cut which in and of itself might
	...

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