CNBC Business News Update - Market Close: Stocks (Mostly) Rebound, Walmart And Lowe's, First Congestion Price Plan In US Approved Set To Report,

Episode Date: November 18, 2024

The latest in business, financial, and market news and how it impacts your money - reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Wall Street is coming off a partly successful attempt to restart the November rally. The Dow slid 55 points to close at 43,490, but the S&P 500 rose 23 points, or four-tenths of a percent, and the Nasdaq was up six-tenths of a percent, or 112 points, the Nasdaq breaking a four-day losing streak with that gain. Gabriela Santos, chief market strategist for the Americas at JPMorgan Asset Management, is not surprised at the rally's interruption. We seem to be out of the cyclical storm, all the distortions from the pandemic. But now we're in the short term in a little bit of a policy fog environment.

That can lead to some of a bit more choppy performance. So it's really all about the three S's. What's the scale, the scope, the sequencing of the policies of the new administration and how do we counteract headwinds and tailwinds. And Fundstrat chief investment strategist Tom Lee says the rally's pause may be just what the market needed. I think most of the major indices have pulled back to what would be technically viewed by our technician, Mark Newton, as support. So the Nasdaq is on the support line. S&P did a 60 percent retrace of its recent rally.

And small caps have held above their prior highs. These are all bullish support levels. With Black Friday just around the corner, we'll be getting a snapshot Tuesday of just how the biggest retailers are doing ahead of the holiday season. Quarterly earnings from Walmart and Lowe's are ahead, with Target set to report Wednesday. The government issues its October report on new housing construction later Tuesday morning. Economists are looking for a 1 percent drop from September's levels. That follows Monday's read on homebuilder sentiment, which was the highest in seven months, on optimism that the change in presidential administrations will result in looser regulation.

The first congestion pricing charge in the U.S. is tentatively set to go into effect in New York City on January 5th, but the U.S. Transportation Department must still approve. Peter Schach now, CNBC.