SOTS 2nd Hour: The Nvidia Way, 2025 S&P Targets, and A Crypto Christmas 12/9/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 9 December 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

David Faber, Sara Eisen, and Carl Quintanilla broke down the latest for stocks ahead of a fresh inflation read later this week – and as a number of Wall Street firms raised their 2025 S&P targets (including Barclays, whose defense of that call is featured within the hour). A key focus? How the consumer’s holding up – and how tariffs could impact spending and the path for rates, with Moody’s Chief Economist arguing it could be a challenging year ahead. That said – another report says rising crypto prices could provide a big tailwind to retailers this holiday season, we’ll explain. Another key part of today’s broadcast: big tech and what to do with Nvidia shares, as the company faces new scrutiny from Chinese antitrust regulators. The team also caught up with the author of a new deep-dive on the company, “The Nvidia Way: Jensen Huang and the Making of a Tech Giant” to discuss how to spot the next trillion dollar opportunity. Also in focus: Hershey/Mondelez look at a potential deal, Trump’s “Golden Cabinet”, and a new call on Bank of America 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 Kintini and David Faber live, as always from post nine at the New York Stock Exchange. Take a look at how stocks are starting off the week coming off of highs again. We're down just a little bit, 10th of a percent in the S&P 500. Nasdaq little changed as well. Invitya's been a big focal point. Of course, with some concerns around China, weighing on that stock this morning.
0:22.3	The Dow Jones Industrial Average up two points. So we're kind of marching in place here as we get into trading here in December.
0:29.2	We're 30 minutes into the session right now. Here are some movers we're watching.
0:32.6	Shares of NVIDIA, I mentioned, under pressure. So the story is China's market regulator said it has opened an
0:37.5	investigation into the chip giant over a suspected violation of the country's anti-monopoly
0:42.3	law, what it means for the stock in just a moment. It's down almost 2%. Big M&A news in the
0:47.8	advertising world. Omnicom striking a $13 billion all-stock deal to buy rival interpublic group
0:53.9	creating the world's largest advertising agency those stocks heading in opposite directions on the news and then shares of reddit rallying getting its price target raised to two hundred dollars from seventy at morgan stanley reddit also making its biggest push into ai unveiling a new new product that uses AI to answer user questions.
1:13.6	Reddit shares, by the way, are up almost 400% since its IPO and up more than 190% just
1:20.5	in the past three months.
1:21.9	It's kind of been a sleeping big winner.
1:25.4	As far as the overall market and what's ahead, the big event of the week as far as the economy is going to be CPI,
1:31.3	because we're going to get our first read on November consumer prices.
1:35.3	And remember, it comes as the Federal Reserve is quiet ahead of its meeting next week,
1:41.3	where it is widely expected to cut rates.
1:43.3	Thursday we'll get the wholesale inflation numbers,
1:45.5	which fees more into PCE, which the Fed targets.
1:49.0	And then Friday, import export prices,
1:51.0	which will also just be another layer to add into the inflation story.
1:55.0	Some earnings will want to watch Oracle, Adobe,
1:59.0	always big, big movers.
2:00.0	But on the backdrop for the markets as far as what's
	...

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