CNBC Business News Update - Markets Midday: Stocks Gain In Shortened Session, Netflix Set For NFL Debut, Broadcom Extends 2024 Rally

Episode Date: December 24, 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. Stocks are higher in a shortened trading session ahead of the Christmas holiday. The Dow jumping 182 points at 43,091. The S&P 500, 42 points higher, or seven-tenths of a percent. And the Nasdaq up an even 1%, 198 points. The Dow is up for a fourth straight day following its first 10-day losing streak in decades. The S&P 500 and Nasdaq are up for a third consecutive session. Gabelli Funds portfolio manager John Belton is optimistic about the market's prospects with a dose of caution.

I think there's pretty good economic fundamentals. There's excitement about some of the policies around deregulation, spending cuts, extension of tax cuts. So hope for some productivity enhancements coming with that. I think we're just kind of entering the year cognizant of the fact that there is a lot built into expectations. Some of it is for good reason, but we're taking a slightly more measured approach. Tomorrow is a big day for Netflix as it airs two NFL games for the first time. 282 million subscribers around the world will be able to watch those games. Amongst stocks on the move today, chipmaker Broadcom up 2.5%, extending a December rally that's helped it more than double this year.

As 2024 draws to a close, a notable car buying trend has emerged. Americans are gravitating towards smaller cars, reversing years of preference for larger vehicles. According to research firm Motor Intelligence, sales of smaller cars like the Honda Civic and Nissan Sentra have jumped 23 percent this year. Experts say that's largely because of rising prices for the bigger vehicles as well as higher interest rates. Peter Schach now, CNBC. Overtime is about understanding what just happened in the markets that day and preparing for tomorrow. I'm looking to talk to all investors, sophisticated investors, beginning investors. I'm always learning. Closing bell overtime for Eastern CNBC.