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Wall Street Oasis

E274: The Daily Peel | The S&P's Magnificent Seven

Wall Street Oasis

Wall Street Oasis

Business

4.9534 Ratings

🗓️ 19 December 2023

⏱️ 17 minutes

🧾️ Download transcript

Summary

WSO Weekly Wrapup - ⁠⁠Sign Up for the Newsletter Here⁠⁠ The Daily Peel - Sign Up Here

Transcript

Click on a timestamp to play from that location

0:00.0

afternoon apes and happy tuesday to everybody out there i am so sorry for missing you guys on

0:11.2

the lives yesterday i'm sure you guys were all just dying to see us again and probably didn't know

0:15.5

what to do with your day without the daily appeals live stream i mean it's definitely going to be a

0:19.2

tough one when we don't come on there but hey either hey, either way, do apologize. I think I've managed to fix my schedule now where we should be going at a consistent time every day. But I don't know what you guys expect from me here. I'm going to try my best going forward, but we'll see. Certainly no promises. But either way, very glad to be with you guys here today. We got a lot of stuff to talk about.

0:38.2

As you guys can see, I have made it all the way to Iceland. That volcano did start erupting on Monday, I think. I think it was yesterday or last night or something. I'm not a scientist, but I just really wanted to come see this lava. It's a pretty cool stuff that's going on. So if we go ahead and check out some of the kind of live news that's my blown on about this volcano.

0:56.6

We're not going to look at that live news. That's a little bit too controversial for us over here. But let's go ahead and take a look at what's going on. Looks like the lava flow is starting to slow down a little bit. Honestly, that's kind of lame here. But either way, it says what we're looking at is a kind of live reporting from CNN that's telling us that the lava flow is slowing to a quarter of what it was yesterday.

1:15.6

Either way, still pretty sick to see a volcano going off. You know that we had to go over here and check things out for the day.

1:21.6

We did have to leave the Daily Peel Global headquarters. Also, everybody go by warmes. I had no idea what this is, but that thing

1:27.6

was absolutely adorable. I bet your mom would love that as a Christmas present. But so that that stops, I'm going to go ahead and X right out of that tab there. Nobody gets free advertising for the Daily Peel. Let's go over into today's edition. All right, Dave, today is, what day is it? Tuesday, December 19th, it is 12, 18 p.m. We're getting off to a hot start with markets today. Everything's looking all right. The seas are up just a little bit. We're getting big movements from names like Fuel Cell and UBS, my old company, actually. So we'll be talking about those names tomorrow. We'll be talking a lot about the housing data that we got out.

2:00.9

But before we step on more of our content for tomorrow, let's get into Daily PL number 609. We were talking about everything that moved markets yesterday and that's going to be translating into moving markets today. And that started out with, of course, we're getting a little bit of breathing room in the housing market. And trashing on the housing market for the past two years, for the past 10 years, it feels like, quite honestly.

2:20.5

But what finally... of breathing room in the housing market. You know, I've been trashing on the housing market for the past two years, for the past 10 years it feels like quite honestly. But we're finally starting to see a little bit of breathing room. So we're getting good news too. We're going to go in and check that out and realize that all of us 20-somethings out there might actually have a shot of purchasing a home within the next three to five decades. So either way, that was great to see. We got a lot of moving from US Steel and Adobe and moving in the wrong direction from Sun Power and VF Corp. We'll go ahead and check that out. And then we got to talk about it everybody's been talking about here a year and the Magnificent Seven. It has been there marketed and nothing else. We'll get into that just a little bit further below.

2:54.2

But as you guys can see, markets were off to a fairly decent day yesterday.

2:58.8

Only four of the 11 S&P sectors actually gained on the day,

3:03.3

but that still translated to gains across pretty much every single index out there. And I say pretty much because the sound moved 0.00% because it was such a small amount of bips that it didn't actually justify that one basis point, but they still rose just a tiny bit there.

3:14.1

So obviously, we were very glad to see that.

3:17.0

If we go ahead and down to take a look at some banana bits here, it looks like the U.S. Navy is getting called into the Red Sea.

3:22.8

There's a lot of piracy going on. A lot of those terrorist groups are starting to try to ruin your Christmas and try to stop, say, Nick, aka the world's largest corporations from delivering your Christmas presents to yourself and your loved ones. And also probably your hated ones. I mean, it's always funny to give somebody that you hate a nice, funny present, especially for Secret Santa. I know it's my favorite thing to do. I can't say what I have in my Secret Santa here, because I'm pretty sure he's watching it right now, but hey, we'll see what happens this week. Now, that scumbag founder of Nicola, you guys remember Trevor Milton, right? You remember Nicola? He was the guy who essentially put a truck on wheels and rolled it down the mountain and tried to say that it was being powered by hydrogen. That scumbag is going to be joining Sandbank and Freed in prison. This guy actually got sentenced yesterday to four years. So if you get four years for just pretending that a little truck is rolling down a hill, imagine what SPF is going to get when you steal $8 billion from customers.

4:48.9

Hopefully it's double that. Hopefully it's more than five times that. I mean, I want to see that guy rotting like Bernie Madoff, but we'll see what happens. Also, we've been hearing a lot of noise about the UAW and strikes that were going on all this year. Tesla employees are not part of the UAW, but to make sure that they stay that way, Elon and Tesla are striving to pay them some hefty sums of money, basically braving them to not form a union there. But, hey, that's stuff we love to see. I mean, you know what? I'm actually not going to say anything else on that. Let's go ahead and take a look at some housing market CPR. So basically, everybody knows that the housing market has been absolute trash since COVID and especially since J-Pow started his rate hiking nuclear bombing campaign.

4:53.7

So we finally got a little bit of breathing word yesterday. We were able to clear through some of the

4:58.4

rubble from those bonds and see a little bit of change going forward. Before we get into what we

5:02.7

actually wrote, let's go ahead and take a look at some mortgage rate trends.

5:05.7

This is from Freddie Mac. There's a lot of different sources that are going to tell you about mortgage rates and everything. They're all a little bit different, but hey, let's go ahead to the government source because obviously the government is definitely trustworthy, right? I mean, who knows there? But as we can see, over the past five years, mortgage rates have spiked to new eyes.

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