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Squawk on the Street

SOTS 2nd Hour: Nvidia in Correction Territory, Trump Takes Aim at PBMs, CNBC Fed Survey 12/17/24

Squawk on the Street

CNBC

News, Investing, Business

4.1567 Ratings

🗓️ 17 December 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Sara Eisen and David Faber took a closer look at the markets, with the Dow on pace for its biggest losing streak since 1978. One of the group’s components, Nvidia, continued to trade lower; The stock entered correction territory, with shares down more than 10% from its last record close. The desk also turned to President-elect Trump taking aim at pharmacy benefit managers, saying that these “middlemen” are driving up drug costs and need to be eliminated. Shares of UnitedHealth, Cigna and CVS all moved lower on those comments. Senior economics reporter Steve Liesman also joined the show with exclusive results from CNBC’s latest Fed Survey. Squawk on the Street Disclaimer

Transcript

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0:00.0

Yeah, right. Good Tuesday morning. Welcome to another hour of Squawk on the Street. I'm Sarah Eisen with Carl Kintini and David Faber live at post 9 of the New York Stock Exchange. Take a look at stocks. Dow continues its recent losing streak as we've been talking about. S&BB's under a little pressure, too, 4 tenths of a percent. Nasdaq pulls back half a percent as well, though tech has been the star of the show lately. Take a look at Treasuries. We're going to get some data in just a second. Also talk about retail sales, which were better. The 10-year yield, a little bit lower, just below that 4.4 level. also buying, but it's kind of mixed on the curve. Five-yearyear yield a little bit lower just below that 4.4 level, so buying, but it's kind of

0:38.6

mixed on the curve. Five-year yield is a little bit firmer. We're 30 minutes into the trading

0:43.6

session. Here are some movers we're watching. Shares of NVIDI under pressure again, trading

0:48.1

in correction territory, which means they're officially down more than 10% from recent highs.

0:52.8

The stock down for four straight days now and down eight of the last nine.

0:57.2

Shares of Pfizer moving higher after raising its outlook.

1:00.0

We're going to take a closer look at what's ahead for that stock going into 2025 with some announcements today.

1:04.7

And then shares of United Healthcare moving lower once again.

1:07.8

This stock among the biggest drags on the Dow over the past eight sessions

1:11.3

and accounts for more than half of the Dow's point losses on the month's been a big part of the

1:15.9

story of the Dow lagging. Busy day for data. We got retail sales, industrial production. Let's get

1:21.3

some inventories with Rick Santelli yet again. Hey Rick. Good morning, Carl. Indeed, these are

1:26.6

October reeds on business inventories.

1:29.2

So remember, that's the first month of the fourth quarter,

1:32.0

and many were looking for a big positive number, potentially,

1:36.3

as many large entities tried to get in front of the notion of how terrorists might affect future pricing.

1:42.5

We're expecting up one-tenth of a percent, Carl,

1:45.4

came in exactly up one-tenth of a percent.

1:48.4

And last month, it was exactly the same,

1:50.6

although it was just downgraded to zero unchanged.

1:54.1

This, of course, will put a bit of a positive spin

1:56.9

on the GDP numbers for the fourth quarter

...

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