Closing Bell Overtime: Fed-Fueled Rally, Nike CEO Change & FedEx earnings 9/19/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 19 September 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Fed's 50 basis point cut sparking a major rally on Wall Street and sending the Dow & S&P 500 to record closes. Tech the big winner driven higher by semiconductor stocks. Guggenheim Securities' Sr. Managing Director Eric Mandl thinks there's a wave of M&A coming in tech and explains which industries could be most ripe for mergers. Nike announcing CEO John Donahoe is stepping down and will be replaced by long-time Nike vetaran Elliott Hill who is returning to the company. FedEx missing earnings estimates and shares under pressure after the bell. Barclays transportation analyst Brandon Oglenski explains why the stock is getting hit so hard. And Hubspot CEO Yamini Rangan discusses her company's new AI tools for small and medium businesses — and what her customers are saying about the state of their spending right now.

Transcript

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0:00.0	Well that Bell marks the end of regulation reliance ringing in the closing
0:04.2	goal of the New York Stock Exchange. Ratar Log Tech Holdings doing the
0:07.7	honors at the NASDAQ and a Fed-fueled rally sending stocks soaring
0:11.7	helping the down
0:12.7	s&P 500 close at record highs the NASDAQ doing best of all
0:16.7	but still about 3.5% away that's the scorecard on Wall Street
0:19.9	but winners stay late
0:21.1	welcome to closing about overtime
0:22.4	I'm John Fort with Morgan
0:23.7	Brennan. Well tech the big outperformer today thanks to big gains by the
0:27.4	chipmakers the sector is now in the green for the quarter. Coming up
0:30.9	Guggenheim securities, Eric Mandelon,
0:33.2	weather valuations could spark a wave of mergers across tech.
0:37.8	And we are awaiting earnings from FedEx and Home Builder Lenar.
0:41.8	Instant analysis of those results is coming up.
0:44.5	But first, let's get to our market panel, Ryan Dietrich of Carson Group and Brooke May of Evans
0:50.8	May wealth.
0:51.8	Guys, good afternoon, Ryan stocks were already expensive and they just surge on a 50 basis point rate cut so why do you think investors can still buy here
1:00.9	Yeah, John thanks for having me back. Happy all-time highs, happy talk like a
1:04.8	Pirate Day and it's also my son's 12th birthday, so happy birthday to Gus. But listen,
1:09.2	as everyone's talked about on your network a lot, This last the next two weeks are historically pretty
1:13.7	week in terms of kind of you seasonality. October is the worst month in an election year so
	...

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