SOTS 2nd Hour: Big Tech Rallies, Tariffs Latest, and Gauging A Market Bottom 03/24/25

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 24 March 2025

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Headlines over the weekend that President Trump’s April 2nd tariffs could include certain carve outs - Sara Eisen and David Faber broke down the latest as key sectors like Chips, Tech, and the Autos rally. Wharton School Professor Jeremy Siegel joined the team with his take - arguing a rally to new highs is unlikely here – while Citi’s Chief U.S. Equity Strategist took the other side… saying the fundamentals still support a bull market. Also in focus: Microsoft breaking its longest losing streak since 2008… Has Big Tech bottomed here? Plus, the latest on next-gen weight-loss drugs out of Eli Lilly and Novo Nordisk; and a look at the fallout in for businesses and the legal community, after a new executive order from President Trump targeting Paul Weiss. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:11.6	Good Monday morning and welcome to Squawk on the Street. I'm Sarah Eisen with David Faber.
0:16.2	Live as always from post nine of the New York Stock Exchange. Carl has the morning off.
0:19.7	Stocks are in rally mode this
0:21.3	morning. Some good news potentially on the narrowing, a reported narrowing of tariffs around the
0:27.3	April 2nd reciprocal tariff liberation day that the Trump administration has teased. That's helping
0:33.2	the market sentiment this morning. We're up one and a half percent on the S&P 500. Nasdaq
0:37.0	bouncing back
0:37.6	strongly, up 2%. We did manage to eke out again last week, but just barely. It was tentative.
0:43.8	Today's rally definitely more forceful than what we've seen lately. We've got every sector
0:48.3	higher in the action. Tech is included in that. Remember, tech had been under a lot of pressure
0:53.4	lately, especially the magnificent seven names. It's why the NASDAQ is soaring today. Remember, tech had been under a lot of pressure lately, especially the
0:54.2	magnificent seven names. It's why the NASDA is soaring today. Names like Tesla, bouncing back
0:59.7	strongly, Pallantier, NVIDIA, the chip names like Micron as well, all part of the story. Take a look
1:05.4	at Treasuries. We're seeing selling with higher yields, and that's reflective of the sort of risk
1:10.6	on tone that we're seeing this morning in the markets. Treas reflective of the sort of risk on tone that we're
1:11.4	seeing this morning in the markets. Treasuries have been sort of a risk barometer out of stocks into
1:16.8	bonds. So now they're out of bonds with the yields a little bit higher. Tenure at four point three.
1:21.1	30 minutes here into the trading session. Here are some movers we're watching. I mentioned the
1:25.6	Mag 7, some green shoots in those names, as Morgan Stanley
1:28.2	forecasts a rotation back into equities led by the MAG-7, thanks to weaker dollar and
1:34.1	stabilizing earnings estimates for the group. Auto stocks are also getting a boost from reports
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