Mag7 Meltdown To Kick Off 2025… And Mortgage Demand Drops 1/2/25

CNBC's "Fast Money"

CNBC

Business, Investing, News

4.3 • 1.2K Ratings

🗓️ 2 January 2025

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

The new year kicking off with a Magnificent 7 Meltdown, with Apple leading the losses. How the decline brought down the broader market on the first trading day of 2025, and what it could say about how stocks will fare the rest of the year. Plus Mortgage demand dropping to close out 2024. Why buyers are staying on the sidelines, and what it means for the homebuilder stocks. Fast Money Disclaimer

Transcript

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0:00.0	Indeed, it does live from the NASDAQ market site in the heart of New York City's Times Square.
0:07.6	This is fast money, and here's what's on tap tonight.
0:09.8	Holiday hangover stocks stumbling out of the gate to start the new year after limping to the finish line in 2024.
0:16.2	Is this a bad setup for a bull run this year?
0:19.3	We'll debate that.
0:20.2	Plus, stuck in reverse. Shares of Tesla
0:22.6	taking it on the front bumper after reporting their first ever drop in annual deliveries. We will
0:28.3	break down the stock's recent slide coming up. And later, the builders bruised and battered. Will
0:34.0	the slide continue in 2025? Energy on on the climb could this rebound be for real
0:40.0	and a call of the day on Uber why Goldman is so bullish welcome everybody I'm Tyler
0:46.3	Matheson in from Melissa Lee coming to you live from Studio B at the NASDAQ market site on the
0:51.4	desk tonight Bono and Ison Karen Feinerman, Courtney Garcia, and Guy
0:55.9	Adami. Folks, welcome, everybody. Happy New Year. Good to be with you. Nice to have you.
1:00.9	We start with a magnificent seven meltdown led by losses in Apple. The iPhone maker dropping more
1:07.6	than 2.5% today. Biggest loss, by the way, since October and shedding
1:12.3	$100 billion in market value in the process. A cool 100 mil. Or 100 bill, 100 billion. The stock has now
1:21.2	dropped more than 6% from the all-time high. It hit just a week ago back when we were counting
1:26.5	the ticks to the $4 trillion market gap mark. It closed at a week ago back when we were counting the ticks to the four trillion
1:28.2	market gap mark. It closed at less than $3.7 trillion. That's not so bad when you really think
1:33.9	about it. Apple's weakness dragging down the broader market on this first trading day of 2025,
1:39.0	major indexes all down, though off their worst levels of the day. Fractional declines, really, in percentage terms for the big three.
1:46.7	S&P touching its lowest level, by the way, since Election Day.
	...

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