Closing Bell Overtime: Win streak hits 8-weeks, Nike weighs on the Dow, Real estate and rates 12/22/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 22 December 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A mixed day for the major averages, but stocks managed another winning week – the longest weekly win streak for the S&P 500 since 2007. Wealth Enhancement Group’s Nicole Webb and MUFG Head of US Macro Strategy George Goncalves give their outlook for the final trading days of the year and what to expect in 2024. Nike fell hard following last night’s earnings report. Long-time retail analyst Dana Telsey discusses if it’s a red flag for the rest of the sector. Shopoff Realty’s CEO talks about the impact of rate cuts on the real estate space. Plus a potential new funding round for OpenAI, why banks borrowed billions from the Fed last week, and a look at the forecast for the cloud and enterprise software with the CEO of HashiCorp.

Transcript

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0:00.0	The dials dragged down by Nike while the small stocks in the Russell 2000 run ahead
0:04.4	that's the score caught on Wall Street but winners stay late welcome to
0:07.3	closing about overtime I'm John Ford Morgan Brennan is off today ahead this hour is
0:12.1	Nike's post earnings plunge a warning for the
0:14.4	rest of retail during these final days of the holiday shopping season. We will
0:18.1	ask retail analyst Dana Telsi for her take. Plus what's coming for Enterprise and Cloud in 2024? The whole sector,
0:25.8	seeing big gains this year, but it was under the surface, a bit stormy. We'll discuss with
0:30.6	the CEO of Cloud Software Company, HashiCorps.
0:33.2	For the week, the major averages are in the green,
0:36.2	a time in a row.
0:37.8	That's the longest weekly winning streak for the S&P 500 since 2017.
0:43.4	As traders cheer, another soft inflation reading, Mike Santoli joins us now
0:47.9	from the New York Stock Exchange.
0:49.8	Mike, we've been hanging out around 4,700 on the S&P for the last week and a half.
0:55.0	Maybe the PCE reading made that feel a bit more comfortable?
0:58.0	Yeah, it does seem so, John.
0:59.2	I mean, around 4,750 actually, we're kind of chopping around.
1:02.1	That's where we had that, you you know that one day or one afternoon
1:05.5	Prattfall percent and a half down the other day right around that 47.50 level we've kind of clawed back up to it so yeah
1:12.1	I think things are coming in as hoped and
1:14.0	expected with regard to the disinflation. Maybe you know we're going to need a
1:18.6	little incremental confirmation at the economy's in decent shape and
	...

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