CNBC Business News Update - Markets Midday: Stocks Stage Midday Comeback, Honda Rallies On Merger Talk

Episode Date: December 23, 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 attempting a midday rally with the major averages now near session highs. The Dow is down 109 points at 42,731, but it had been down 323 points at session low. The Nasdaq a quarter percent higher, or 16 points, and the Nasdaq adding six-tenths of a percent, or 125 points. Surat Sethi, managing partner at DCLA, says it's perfectly understandable why the market has largely struggled during December. You had a few things going on. I mean, obviously last week with a little tantrum going on in the markets, but you've also had a bifurcation of the markets.

You know, if you look beneath the surface, the equal weighted indexes are all down. And so you're still being driven what the FAB 7, FAB 10, the generals are leading and the rest of them are being left behind. It was a similar thing that happened earlier in the year and last year. Among stocks on the move, Honda Motor is jumping 10% following the announcement of merger talks with rival Japanese automaker Nissan. The two are hoping to finalize an agreement by June. Xerox is rallying 6.7 percent after it announced that it will buy printer maker Lexmark from its China-based owners for a billion and a half dollars. Lexmark was originally spun off from

IBM back in 1991. Apple is up only slightly today, about two-tenths of a percent, but investors are watching it closely as it closes in on the $4 trillion valuation mark. It's currently worth more than $3.85 trillion. Peter Schach now, CNBC. Get a head start on the trading day. Where would you put money to work? One key earnings I'm watching is FedEx. Truist is definitely an interest margin story. It pays to be an early riser. Frank Holland, Worldwide Exchange, weekdays 5 a.m. Eastern, CNBC.