CNBC Business News Update - Market Close: Stocks Mixed, Dow On Its Longest Losing Streak In 6 Years, Nvidia In Correction 12/16/24

Episode Date: December 16, 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 Ettinger, CNBC. It was a mixed start to the final full week of trading of the year. The Dow fell 110 points, quarter percent, led lower by shares of UnitedHealth. The S&P 500 index was in the green, up 22 points. The Nasdaq soared higher, up 247 points, one and a quarter percent% comfortably above 20,000. Now, the Dow has been down eight trading days in a row, its longest losing streak in six years. The Dow is emulating the Beatles song, eight days it's been weak.

But I think focus primarily is on the very narrow market that we're seeing right now, which really is dominated by technology, consumer discretionary, etc. So right now we've been seeing the participation rate pretty much fall off the peak that we saw back in the end of November. CFRA's Sam Stovall on CNBC. Companies whose shares hit fresh all-time highs on Monday include Apple, Costco, Visa, Google, Parent Alphabet, Amazon, and Tesla. Broadcom up another 11% Monday. Nvidia fell into correction territory, down almost 2% Monday, but down 10% from its recent record high.

Investors on hold for the latest on the U.S. consumer coming Tuesday morning with the November retail sales numbers. President-elect Trump took questions and talked about the parade of CEOs who've been meeting him at Mar-a-Lago on Monday, including the latest, the CEO of Apple. Talking about Tim Cook and his meeting at Mar-a-Lago, and he suggested that CEOs are coming to meet with him in a different way than they came in the first term. He said in the first term that he had back in 2016-2017 time frame, CEOs were hostile to him. Now he says CEOs are no longer hostile to him. They all want to come. They all want to be his friend. And he seems highly energized and encouraged by that and rattled off a list of people who had come to see him, including Jeff Bezos of Amazon, who he says is coming there this week.

CNBC's Eamon Javers. It's the thick of the holiday shopping season, Christmas a week from Wednesday. The CEO of a large, mostly outdoor outlet mall company says shoppers looking for big brands at everyday discounts, they're flooding stores. Customers think about outlet first to get high-end brands that they want, but at everyday value pricing, we've seen as much as 70% off, particularly on selected items. Now, there's some stores that just don't discount as deeply as others. Is that a sign that they're not doing well? I don't think so. I think it's their opportunity to meet the customer where they are and trade them up, give them the opportunity to come into their ecosystem at a price that they can afford, and then they can trade them up, give them the opportunity to come into their ecosystem at a price that they can afford,

and then they can trade them up throughout their store and price points. Tanger Outlets CEO Steven Yaloff on CNBC. On Tuesday's watch list, the Fed begins a two-day meeting on interest rates. With a decision Wednesday afternoon, it's widely expected to cut rates by a quarter percentage point. We get the latest data on retail sales Tuesday morning, plus we find out how home builders are feeling about their business, and we get results from the new business leaders survey. Jessica Ettinger, CNBC. Get tomorrow's big stock stories delivered to your inbox tonight when you subscribe to

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