Closing Bell Overtime: Rally on hold, Is Alphabet cheap and state of the consumer 2/26/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 26 February 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks taking a breather after Fridays record close as investors await more key inflation data later this week. Jefferies tech analyst Brent Thill reacts to earnings from Workday and Unity Software, which he calls a "disaster". Alphabet shares getting hit by problems with its Gemini AI model. Melius' Head of Technology Research Ben Reitzes says the stock is looking cheap, but that doesn't mean investors should buy it. And Former Toys 'R Us CEO Gerald Storch on what earnings from Macy's, Lowe's and Urban Outfitters on Tuesday will say about the state of consumer spending.

Transcript

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0:00.0	Well the Dow, the S&P and the NASDAQ all finishing lower but the
0:04.8	Russell 2000 the outperformer finishing in the green today that is the
0:07.6	scored crowd on Wall Street the action is just getting started
0:10.3	welcome to closing bell overtime I'm Morgan Brennan with John Fort.
0:14.0	And it's utilities and com services that were the biggest drags on the market today.
0:18.0	Energy, consumer discretionary and tech, the only sectors in the green,
0:22.0	but maybe a trio of Errings after the bell
0:24.0	can get the rally back on track. We're going to have instant analysis of results
0:28.0	from work day, Zoom video, and Unity software as soon as they're released.
0:32.0	Plus we will hear from an analyst who says,
0:34.4	Alphabet looks cheap for a reason.
0:37.1	It actually moved the stock today.
0:39.3	And but first, we're gonna get more on this market day. Mike Santoli's back with us from the New York Stock Exchange.
0:45.2	Mike, interesting market action.
0:46.8	The 10-year yield isn't backing off, creeping up to 4.28.
0:51.2	This week we get PCE, durable. I mean is this is this about seeing
0:55.9	post-invidia if there's another leg here? Yeah I mean I do think the market is
1:00.9	trying to explore that and today you mostly held near the
1:03.8	highs there were sort of more stocks down than up but really not a lot of
1:07.2	intense selling so I think today's kind of a hold and you know you sort you saw
1:12.0	seeing the NASDAQ 100 kind of churn around this round
1:15.1	number level around 18,000 same thing with the NASDAQ composite so you know
	...

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