SOTS 2nd Hour: Consumer “Election Uncertainty”, Tesla’s Electric Boogaloo and A Deep-Dive With ServiceNow’s CEO 10/24/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 24 October 2024

⏱️ 43 minutes

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Summary

Carl Quintanilla, Sara Eisen and David Faber discussed the latest out of names like Tesla, UPS, IBM and more on the heels of another busy morning for earnings. Plus – a look at the growing trend of so-called “election uncertainty” and how it’s impacting consumers and industries across the U.S.; an exclusive with the CEO of ServiceNow as they bet big on GenAI; the results of CNBC’s All-America Survey; and the latest from the airlines after activist news at Southwest and more negative headlines for Boeing. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Thursday morning. Welcome to another hour of squawk on the street. I'm Sarah Eisen with Carl
0:10.8	Kintanilla and David Faber live, as always, from post nine of the New York Stock Exchange.
0:15.3	Stocks are coming back a little after that tech-led sell-off yesterday. The S&P's up a quarter of
0:19.9	1%. Consumer discretionary is in the lead.
0:23.6	Thank you, Tesla, which is up 16.5%. Biggest component in that group. But tech is rebounding a little bit.
0:29.8	That's why the NASDAQ comp is up a little more than half a percent. Besides Tesla, it's Nvidia, T-Mobile, META, and Amazon.
0:36.4	Treasury yields are stabilizing as well a little after we've seen this recent backup.
0:40.5	The 10-year yield, 4.22%.
0:43.4	So we are seeing some buying today with yields kind of hanging around these 4.2 levels on the 10-year, Carl.
0:49.9	Got some new home sales day a couple of moments ago on a busy day from Macro.
0:53.6	Let's get to Rick Santelli.
0:54.7	Hey, Rick.
0:56.3	Yes, like all the other data points this morning, a little bit better.
1:00.2	We've seen yields moving up testing yesterday's highs.
1:03.5	New home sales for September, better than expected.
1:06.5	It's 738,000 seasonally adjusted annualized units. And that, that well puts it very close to the highest levels just since July we're slightly over
1:16.6	750,000. What is interesting here is last month was downgraded from 716 to 709,000 which makes of course, the weakest level going back to June.
1:28.9	Now, what's important here is remember, this is September data.
1:32.6	Mid-September, we saw the Fed cut 50.
1:35.2	We saw a little bit of optimism with rates.
1:37.8	It didn't last long.
1:39.2	We know that following these data points, rates have gone up.
	...

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