Closing Bell Overtime: S&P 500 Can’t Quite Make It Nine In A Row; Fundstrat’s Tom Lee Calls For Huge Rally In Small Caps 8/20/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 20 August 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

The S&P 500 and Nasdaq snapped eight-day winning streaks. But Fundstrat’s Tom Lee says he sees 40% upside in small caps before the end of the year as the Fed is expected to cut rates. Ariel Investments’ Charlie Bobrinskoy and Vital Knowledge’s Adam Crisafulli break down the broader markets. NYU’s Dean of Valuations, Aswath Damodaran, on why he prefers Amazon to Nvidia right now, plus Barclays analyst Matt Miksic on a rough day for Dexcom after strong Eli Lilly obesity data was published.

Transcript

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0:00.0	That Bell marks the end of regulation. Projects with Care, bringing the closing bell to New York Stock Exchange,
0:06.0	pro-fire energy doing so at the NASDAQ and the NASDAQ and SSP 500 breaking their eight day win streaks with some minor losses while small caps
0:15.6	saw a more notable pullback today. Energy was the biggest drag on the S&P. Consumer Stapels are
0:22.1	actually up about half a percent.
0:23.7	That's a scorecard on Wall Street.
0:25.4	But a winter stay late.
0:26.2	Welcome to closing about overtime.
0:27.3	I'm John Ford.
0:28.2	Morgan Brennan is off today.
0:29.9	Ahead on today show, Fun Stats, Tom Lee joins us with his latest thinking on the market,
0:34.8	why he says the summer bottom is already in, plus new insights on the consumer and the real estate
0:40.1	market when we get earnings results from Toll Brothers and Beauty Company Cody.
0:45.0	And NYU's Dean of Valuation.
0:47.2	Aswath Demotyrin tells us which of the Mag seven stocks he's currently sees as most overvalued and which is the best bargain at these
0:55.9	levels. But first let's get to today's action with our market panel Charlie
0:59.6	Brinzkoi of aerial investments in Adam Chrysophouille. A vital knowledge guys good to see
1:04.3	Adam. So was that broadening of the rally a few weeks ago that rotation into small
1:10.2	caps a head fake you think? You know I think we've obviously had a
1:14.8	big rebound led by tech and so we'll kind of have to see if it did it cooperates
1:18.4	going forward. We've had some decent growth numbers last week with retail sales in the latest weekly claims.
1:24.4	You know, we're going to get an important job division tomorrow.
1:27.2	That will be very important just to get a sense of how the living market unfolded over the last
	...

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