SOTS 2nd Hour: Broadcom Surges, Bank Regulators in Crosshairs, Crypto Hesitancy 12/13/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 13 December 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and Sara Eisen took a closer look at Broadcom’s big earnings beat, which sent that stock soaring. The chip giant became the latest company to reach a $1 trillion valuation. Leslie Picker also joined the show to discuss the bank stocks, following reports that advisors to President-elect Trump are looking to shrink or eliminate bank regulators. Also in the mix; Steve Liesman broke out CNBC’s latest All-America Economic Survey, revealing that despite Bitcoin’s big run, the public is still hesitant to own cryptocurrencies. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Friday morning. Welcome to another hour of squawk on the street. I'm Sarah Eisen with Carl
0:04.2	Kintanilla live at Post 9 at the New York Stock Exchange. David Faber has the morning off. Take a look at stocks. Kind of a mixed picture for the week. The S&P is higher this morning up a third of 1%, but it's all just technology and consumer discretionary. Those are the only sectors that are higher. And on the week as a whole, we're down a little bit on the S&P, a third of a percent.
0:21.9	But the NASDAQ is up almost a full percent.
0:24.2	So this has been a week. sectors that are higher. And on the week as a whole, we're down a little bit on the S&P,
0:21.1	a third of a percent. But the NASDAQ is up, almost a full percent. So this has been a week of outperformance from Big Cap Tech. Today, it's Broadcom leading the charge, which we'll talk about in a moment, lifting some of the semiconductors. Micron is up today. Palantir is doing well, Nvidia hire. That's helping the overall tape. Of course,
0:38.5	these stocks are bigger than most. Tesla is also having another good day, up a few percent,
0:43.8	up another 1.6 percent, banner week. Take a look at Treasuries. This was a week where we got a little
0:48.8	bit firmer CPI and PPI, wholesale and consumer inflation ahead of the Fed next week, which is widely expected
0:55.9	to cut interest rates, 10-year note yield, a little elevated 4.36%.
1:00.8	Now the narrative is cut and pause.
1:03.7	And maybe that's what the market is telling you now with the sell-off in treasuries.
1:06.5	We're 30 minutes here into the trading session.
1:08.7	Here are three big movers we're watching.
1:10.2	Mention Broadcom.
1:11.1	Look at shares rallying after the company posted better than expected earnings and said it is seeing strong demand as it develops custom AI chips.
1:18.6	More on the street reaction, what to do with that stock in a bit.
1:21.6	RH also posting big gains despite missing earnings estimates.
1:24.6	The company raising its Q4 guidance says it expects revenue
1:28.1	growth between 18 and 20 percent, which is well above expectations. And we're also keeping our
1:32.7	close eye on the latest IPO to hit the market, service Titan, dropping about 6 percent, a little
1:38.7	less than that, a day after the stock surged 40 percent in its debut, was thought to be a very good
1:43.7	sign overall for the IPO market
	...

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