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Squawk on the Street

SOTS 2nd Hour: Holiday Retail Stock-ing Stuffers, Trump’s Treasury Secretary Pick, and 4 Cases For A Year-End Rally 11/25/24

Squawk on the Street

CNBC

Business, News, Investing

4.1567 Ratings

🗓️ 25 November 2024

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, David Faber, and Sara Eisen discussed the latest for stocks as the S&P and Dow hit more record highs. Fundstrat’s Tom Lee brought the team his 4 cases for a year-end rally - and bull case for bitcoin $100k - while BMO’s Chief Investment Strategist highlighted Financials, Tech, and Discretionary as 3 sectors with more room to run here. Also in focus: President-elect Trump picks Scott Bessant for Treasury Secretary, closing arguments begin in the DOJ’s case against Google over advertising tech, and UBS upgrades the ‘Big 6’ tech names to buy. Squawk on the Street Disclaimer

Transcript

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0:00.0

Good Monday morning. Welcome to another hour of squawk on the street. I'm Sarah Eisen with Carl

0:11.6

Kentonia and David Faber, live as always from post nine of the New York Stock Exchange.

0:16.0

Take a look at stocks. We're starting the week strong. S&P up about half a percent. The NASDAQ comp up four-tenths of one percent.

0:23.6

So we've got a nice rally to start the day. The Dow is up 450 points. Take a look at Treasury as part of the story here where there's buying today.

0:30.6

And yields are coming a little bit lower. The 10-year turnout yield just below 4.3 percent, the two-year yield just at 4.3.

0:38.8

As far as what's working in the market, it's a broad rally.

0:41.8

You've got almost every sector higher except for information, technology, and energy.

0:45.8

Consumer discretionary is one of your best performing sectors, up 1.5 percent.

0:49.8

Real estate also very strong today.

0:52.3

So broad, and the NASDAQ I mentioned up four-tenths of a percent.

0:55.6

So tech is playing in, although information tech as a sector is lagging.

0:59.8

We're 30 minutes here into the trading session. Here are three big movers we're watching today.

1:03.8

Look at Bath and Body Works, gaining double digits after a top and bottom line beat as well as raised guidance.

1:08.8

We're going to talk winners and losers this holiday season later this hour. Speaking of retail, Macy's under pressure after the company reported

1:15.5

preliminary results. That missed expectations and also disclosed an investigation into an

1:21.0

employee who Macy says intentionally made erroneous accounting entries to hide more than

1:26.2

$130 million worth of delivery expenses

1:28.9

over several years. Stock down 4%. Also keeping our eye on Bitcoin, of course, after hitting

1:35.1

a new all-time high of a little more than $99,849 a coin late Friday. The crypto now up 40% this

1:43.8

month alone backing off today a little bit, but still

1:46.6

at 95K. Guys, as far as what we're watching this week, we do have some notable earnings,

1:51.8

especially going to be watching the consumer earnings as we get into this holiday season,

...

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