CNBC Business News Update - Market Close: Stocks Lower, Some Investors Advise To Take Profits, Boeing Shares Fall After Crash 12/30/24

Episode Date: December 30, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Tuesday morning for the final trading day of 2024 after a losing Monday for stocks. The Dow down 418 points, but off its earlier low, it had dropped 700. It was down 1%, led lower by shares of Nike and shares of Boeing, both down more than 2%. The S&P 500 index down 63 points, more than 1%. The NASDAQ was down 235 points. That was also more than 1%. One trading day left in 2024, New Year's Eve day. It's a full trading day on Wall Street. The markets will be closed Wednesday for the New Year's Day holiday. While some complain there's no Santa Claus rally,

others say Santa's already delivered for two straight years. Well, we've had quite a rally already in 2024, and this has been a very strong quarter. I mean, let's look at the numbers. 26% up in 2023. The market's up about 25% in 2024. I call that a lot of rally. Plenty of gifts from Santa Claus. Aureus Asset Management's Kerry Firestone on CNBC. And experts tell CNBC investors need to be ready for stocks to fall more and reset. We're cautious. I mean, you've made money. We're not saying get out of them. We're saying lower your exposure to some of it. I think you're going to get a pullback in this market because it's price for perfection.

We've all seen it. You saw just what happened when the Fed changed their mind a little bit. You saw a 3.2% pullback in the NASDAQ in just one day. We don't see what you're seeing right now as a major pullback. We're talking about a 10% pullback. Should be coming. When? I can't tell you.

And so all we're saying is redeploy some of your capital to safer dividend-growing stocks, and we think you'll be rewarded. Mira Mars, Max Wasserman on CNBC. Would-be homebuyers are tired of waiting for mortgage interest rates to fall. Pending home sales ticked higher in November. Pending home sales in November were up 6.9% from November last year. That, according to the realtors, that is slightly better than expectations and the fourth straight month of gains. Remember, this count is based on signed contracts, so that's people out shopping

in November when the average rate on the 30-year fix spent much of the month over 7 percent. NAR's chief economist, Laura Steud, said in the release, consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory. CNBC's Diana Olick. Boeing shares were down more than two percent that after the crash of a Jeju 737-800 in South Korea. The crash killed 179 people. It's unclear what caused it, but South Korea's transport ministry says it'll carry out a comprehensive special inspection of the Boeing aircraft. The U.S. city where home prices climbed the most in 2024, Anaheim, California. Prices were up more than 12 percent in one year there. That's followed by Newark and New Brunswick, New Jersey. Nassau County on Long Island, New York. Providence, Rhode Island, West Palm Beach, Florida, Chicago, and Detroit. San Jose,

California, and Fort Lauderdale, Florida were 9 and 10. On Tuesday's watch list, the final trading day of the year. We get the latest on home prices with the S&PK Shiller Home Price Index. That's for October. It's the last day in the chairman job for Morgan Stanley's James Gorman and New Year's Eve celebrations are set for towns and cities across the globe. Jessica Ettinger, CNBC. Get a head start on 2025 with the hottest tech event, CES. The Jobs Report. And meet the future of biotech and pharma at JPM Healthcare.

And the meeting of world leaders in Davos. Plus, the first Fed decision of the year, CNBC.