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Squawk on the Street

SOTS 2nd Hour: Presidential Election Edition 11/5/24

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 5 November 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

It’s finally election day – and Carl Quintanilla, Sara Eisen and David Faber are breaking down market predictions under either presidency for energy, technology, autos, and more. Also in focus: the housing affordability problem facing battleground states; why the wealthy are leaving the U.S. at record levels; and the latest as Boeing workers end their strike. Squawk on the Street Disclaimer

Transcript

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0:00.0

Good Tuesday morning.

0:08.0

Happy Election Day.

0:09.0

Welcome to another hour of squawk on the street.

0:11.0

I'm Sarah Eisen with Carl Kintania and David Faber.

0:14.0

Live as always from post nine of the New York Stock Exchange.

0:17.0

Take a look at stocks.

0:18.0

They are gaining this morning.

0:20.0

The S&P up 8 tenths of 1%. So we've got a nice

0:22.7

rally going on. NASDAQ up a full percent. So it is tech-driven and the Dow's up 200 points.

0:28.7

Take look at Treasuries as well. They've been moving in anticipation of this election.

0:34.0

The 10-year yield is a little bit firmer today. So, treasuries are selling off. 4.3%

0:38.0

is your yield on your tenure. So still elevated and continues to sort of creep higher since we got

0:43.0

that last Fed reading. Remember, there's a Fed meeting on Thursday as well. And a decision

0:47.0

expected, the Fed expected to cut rates by 25 basis points this week. We're 30 minutes into the trading

0:52.7

session. Here are three big movers we're watching. Shares of Palantir soaring after reporting a top and bottom line beat,

0:59.4

raised guidance as well, CEO Alex Karp, writing in the release, quote, we absolutely

1:04.2

eviscerated this quarter driven by unrelenting AI demand that won't slow down. Stocks up 20.2%. It was also already one of the best

1:13.6

performing S&P stocks of the year. Dollar Tree CEO abruptly stepping down overnight citing health

1:19.5

challenges, though the company did reiterate its third quarter forecast, shares higher following the

1:24.4

news. And then we're watching shares of DJT, of course, surging today,

1:28.0

now up more than 130% over the last one month as voting around the country gets underway.

1:34.6

This has been one of the key Trump trades.

...

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