Tech Pullback, Nvidia Loses Market Cap Crown, Ferrari CEO Exclusive 6/21/24

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 21 June 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

One day after the Nasdaq snapped its 7-day win streak, Carl Quintanilla, Melissa Lee and Michael Santoli explored what to make of the pullback in the tech sector – with Nvidia extending its Thursday losses and Microsoft replacing the chipmaker as the world's most valuable company. In Italy, Robert Frank spoke exclusively with the CEO of Ferrari about the company's foray into EVs. Also in focus: Bullish analyst calls on Apple and Nike, Sarepta soars, discounts at Starbucks, Oppenheimer Asset Management's chief investment strategist shares his sector picks -- and why he believes it's unlikely we'll see a Fed rate cut this year. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.9	Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kington here with Melissa Lee, Mike Santoli, post-9 of the New York Stock Exchange.
0:11.9	Kramer and Faber have the morning off. Future's relatively steady after Thursday's downside S&P reversal.
0:17.4	Big options expiration today could bring some fireworks. Eurozone PMIs slow down.
0:22.5	Our own 10-year yield is back to 4-22. Our roadmap begins with this tech stock stumble. The NASDAQ
0:28.2	ending its string of recent records. Plus, Nvidia pulling back, losing the most valuable crown.
0:33.5	Shears of it and other chipmakers down sharply from the highs of the week. We'll get into that action just a moment.
0:38.6	And corporate hack attacks, thousands of auto dealers going back to pen and paper deals after a cyber breakdown at a key software provider heads into its third day.
0:48.3	Let's begin with this tech pullback we got yesterday snapping the NASDAQ seven-day win streak. Mike, you were here to see it
0:55.0	firsthand. Explanations? I would say you could make observations and descriptions more than explanations,
1:01.6	but the setup was obviously there, not just seven days up in the NASDAQ 100, but statistically
1:06.2	as stretched to the upside as you've only been a handful of times, let's say a half dozen times
1:10.6	in the last decade. So the makings for a enough for now moment for the momentum sector of the market
1:16.4	was absolutely there. Invitya obviously embodies everything in an amplified way. That was the case
1:23.0	yesterday as well, opens up three and a half percent, ends up down three and.5% on the day. Very similar action to a day in
1:30.0	March, March 8th, opened up about 3% at a new high, downside reversal. What happened after that?
1:36.6	That was a short-term peak for the momentum factor in the market. Yeah. It flattened out relative
1:41.5	to the rest of the market, didn't do much. Invidia actually had like a 15% plus pullback ultimately over the next month or two.
1:47.9	But you look at a chart, I guess, a longer term chart.
1:50.8	You barely see it.
1:51.7	It's like a little stutter step.
1:53.1	But I think you can sort of be prepared for the at least possibility that this could result in rotation as it did yesterday.
	...

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