Closing Bell Overtime: Tech Tanks, Let's Make A Deal and Reddit Co-Founder On Crypto & AI Outlook 01/04/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 4 January 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Nasdaq closing lower for a fifth straight day amid more weakness in tech stocks. The major averages now on pace to snap an 8-week winning streak. Canaccord Genuity's Tony Dwyer discusses whether there's more pain ahead for the bulls or if investors should buy on this weakness. Citi Head of Investment Banking Tyler Dickson gives his outlook for deal making in 2024 and which sectors look the most ripe for mergers. Reddit Co-Founder & Venture Capitalist Alexis Ohanian just made a big investment in a bitcoin related company. He weighs in on the outlook for cryptocurrencies as well as the other areas of the market he sees opportunities in, including AI. Eli Lilly announcing plans to sell its popular weight loss drugs directly to consumers. A top pharma analyst tells us what that could mean for the stock. And Apollo Global Management Chief Economist Torsten Slok on what the Fed's December pivot could mean for the job market and the economy.

Transcript

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0:00.0	Well, stocks finishing mixed as the 10-year Treasury kissed 4%.
0:05.0	That's the scorecard on Wall Street, but the action is just
0:07.8	getting started.
0:08.8	Welcome to Closing Bell overtime.
0:10.1	I'm Morgan Brennan with John Port.
0:12.0	Another rough day on Wall Street as the
0:13.6	Nassak falls for a fifth day and the major averages on track to snap an
0:18.0	eight week winning streak. And coming up, yeah. Will deal-making pick up the pace in 2024.
0:25.0	Cities head of investment banking tells us which sectors are most right for M&A.
0:30.0	Plus we'll get the outlook for currencies with Reddit co-founder,
0:34.3	Venture Capitalist Alexis Ohanian,
0:36.8	we just made a big investment in a Bitcoin related company.
0:40.0	Let's break down today's action with our first guest,
0:42.0	though.
0:42.2	Tony Dwyer, Chief Market
0:43.3	Strategist at Kanachinuity. Tony, it's great to have you back on the show here. I do want to start with, I mean,
0:49.9	the Dow eked out a small gain today, but the S&P and NASAC finishing the day lower again.
0:55.0	I mean, you had been on CNBC, what, late December, and you had said we were prone for a pullback.
1:00.2	Is that what we're getting right now?
1:02.1	Yeah, really coming into this week, the note I wrote,
1:04.6	thanks for having me, Morgan, and happy new year
1:07.1	to you and John and all the viewers, of course.
	...

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