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Closing Bell

Closing Bell: What’s Next for the Rally? 12/15/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 15 December 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

Does the Fed relief rally have any juice left? New York Life Investment’s Lauren Goodwin and Jordan Jackson of JPMorgan Asset Management give their forecasts. Plus, Oppenheimer’s Brian Nagel breaks down his top picks for 2024 in the retail space. And, Roku shares were under pressure in today’s session. Julia Boorstin explains what is behind that drop.

Transcript

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0:00.0

Welcome to Closing Bell, I'm Sarah Eisen, in today for Scott Wopner, live from the New York Stock Exchange.

0:05.5

This make or break hour begins with the S&P 500 on track for its seven straight week of games.

0:10.7

Here's your scorecard with 60 minutes to go in regulation. Tech and

0:15.2

discretionary holding on to the Greenwell Utilities and Real Estate are the

0:18.2

worst performing sectors right now. Boeing is the top Dow stock after

0:21.6

a positive analyst call over at Bank of America,

0:23.9

and the Dow is slightly lower in this final hour.

0:26.0

We will look at whether the Dow can turn things around, maybe even notch another record close.

0:31.2

And that brings us to our talk of the tape, whether this

0:34.0

Fed rally has any juice left. For that we turn to Lauren Goodwin of New York Life

0:38.8

Investments. She joins me here at Post9. Lauren does it? We've had a nice rally. We're up another 2.7% on the

0:45.8

S&P just this week. What now? I think this is a Fed Relief rally that the

0:50.9

market's been waiting for for 18 months and I think it has

0:53.7

legs. Now my economic view is a little bit less constructive than that and so I'm

0:58.6

worried that where we are in this moment of Goldilocks is just that a stop on the train towards a more difficult

1:04.4

economic situation but for the next several weeks I don't see any opportunity for the

1:08.6

data to knock the market off of this track.

1:11.2

So if the data is coming in good and it is it's been pretty

1:14.5

benign even the fourth quarter GDP estimates are going up why are you worried

1:18.6

about the outlook the economic outlook? Well the fourth quarter GDP estimates are

1:22.3

where we are right now and the market

1:24.9

reflects that which is that things have been going well there's been no sign of

...

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