Closing Bell Overtime: Massive Sell Off, Fed Cuts Rates & Micron earnings 12/18/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 18 December 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s show features a panel with Jefferies Chief Market Strategist David Zervos and RBC Capital Markets Head of Equity Strategy Lori Calvasina on the markets massive sell off following the Fed’s latest interest rate cut. The Dow falling for the 10th straight day, the longest losing streak in 50 years! Niles Investment Management Founder Dan Niles reveals whether he thinks investors should be buying on this sell off – and where he is finding value right now. Nuveen Chief Investment Officer Saira Malik tells us whether she thinks a year end rally is in jeopardy. And Micron selling off after issuing weak guidance. Wedbush’s Matt Bryson explains why he thinks the stock is a buy on this dip.

Transcript

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0:00.0	Saved by the bell.
0:02.0	That's the end of regulation.
0:03.0	Stand-Dex International Ring in the closing belt, the New York Stock Exchange.
0:06.0	Granite shares doing the honors at the NASDAQ.
0:09.0	Stocks selling off hard during and after Fed Chair Powell's news conference.
0:13.0	The Dow just logged its longest losing streak since before I was born.
0:17.0	A little bit.
0:18.0	1974, it's 50 years.
0:20.0	A low for the 10th straight session.
0:22.3	The NASDAQ falling more than 3% with small caps plunging even more, close to 5 on the Russell 2000.
0:27.4	That's the scorecard on Wall Street, but winners stay late to recover.
0:30.8	Welcome to closing bell overtime.
0:31.8	I'm John Ford with Morgan Brennan.
0:33.4	We have a great lineup of market experts to break down the Fed's messaging and this market
0:38.3	selloff, including David Zervos from Jeffries, Lori Calasina, from RBC, Sarah Malick, from
0:43.7	Newveen and investor Dan Niles.
0:46.0	Plus, two key earnings reports are coming this hour with insight into the chip space and
0:50.4	the home builders.
0:50.9	We're going to bring you the results from Micron and Lanar as soon as they
0:54.9	cross. But let's get straight to the market reaction to the Fed. Major averages close sharply lower,
0:59.9	yield spike, volatility index surges higher. Joining us, RBC Capital Markets, Head of Equity Strategy,
1:05.8	Lori Calvesena and Jeffrey's chief market strategist and CNBC contributor, David Zervos.
	...

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