Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here’s what CNBC TV’s producers were watching as the Dow Jones Industrial Average posted its longest daily decline since 1974 in the wake of a 2.6% loss after the Fed changed its 2025 interest rate outlook, and what’s on the radar for the next session. The Markets Big drops across the board today. The Russell 2000 lost 4.4% and is now down 9.5% from the November 25 high. Nasdaq-100 dropped 3.6% Wednesday and 4.2% below Monday’s high. Nasdaq Composite slid 3.56% Wednesday, taking it 4% below Monday’s high. The S & P 500 tumbled 2.95% Wednesday, leaving it 3.7% off from the December 6 high. The Dow Jones Industrial Average fell 2.6% today, and is 6% lower than the December 4 high. The stock market selling accelerated when Fed Chair Jay Powell mentioned rate cuts could slow in the new year. DoubleLine Capital’s Jeffrey Gundlach told CNBC TV’s Scott Wapner “There is tremendous uncertainty on what’s going to happen with inflation, the deficit and the economy.” He said he’s on guard for “higher inflation through tariffs.” When asked about inflation Gundlach said “we are not likely to get to 2% inflation in 2025” and “we will probably start having inflationary pressures towards the middle of 2025.” The Dow alone The 30-stock average is now down 10 straight days… the most consecutive daily declines since 1974. The 129-year-old benchmark has now fallen 5.3% in those 10 days. The Dow is now down for this quarter, just barely, but is down… thanks to eagle eyed Breaking News Brianna Bernath on the desk for watching it tick by tick by tick. TSLA 5D mountain Tesla in the past five days. The Nasdaq-100 Only one stock in the 100 rose Wednesday… Exelon . But it is down 7.8% so far in December. Tesla was the biggest decliner, down 8.3%. But it also hit a high early in the morning and then dropped 9.9% from that intraday peak … a big u-turn for the EV maker and Elon Musk. Zscaler dropped 7.4% Wednesday. The stock is down 28.5% from its February high. AppLovin weakened 7.4% Wednesday … and is now down 25% from where it was a year ago. The Bonds The 10-year note yield is now at 4.52%. A few weeks ago investors were saying anything above 4.3% would start to have an impact on stocks. It was by far the top ticker searched on CNBC.com today. One colleague who tracks these kinds of things said “people are just hanging out in the 10-year page today watching it tick.” The two-year note hit 4.35% The one-year bill was at 4.3%. The six-month bill yield reached 4.31%. The three-month bill yielded 4.35%. The one-month bill hit 4.32% The U.S. Government There may be less certainty tonight about whether we’re in for a government shutdown. The President-elect, incoming VP JD Vance and their friend Elon Musk are urging lawmakers to not approve what’s on the table. The deadline is 12:01am Saturday morning … like Friday night, into Saturday morning. CNBC’s Emily Wilkins and the full Washington team will be watching this story develop every minute Thursday. Bond ETFs The Short Term High Yield Bond ETF (SHYG) is yielding 6.93% as of Wednesday night. The ETF’s price dropped 1% during the regular session. The HYG High Yield Bond ETF is yielding 6% late Wednesday. It also fell 1% in regular trading. The JNK High Yield Bond ETF is yielding 6.64% as of Wednesday night, it also fell 1% on the day. The FCOR Corporate Bond ETF from Fidelity also lost 1% Wednesday; the ETF is yielding 4.26% as of the close. FedEx CNBC TV’s Frank Holland will be watching the shipper’s earnings when it reports after the close Thursday. The stock was down 1.5% Wednesday … it is 13% below the July high. FedEx is down 8.4% since last reporting three months ago. The Dollar CNBC Data Team Member Nick Wells is watching the dollar Thursday. It is right near a 25-month high. WMT mountain 2024-09-30 Walmart shares in the fourth quarter. Big Importers Walmart fell 2% Wednesday; the stock is 2.7% lower than its December 6 high. Target dropped just 0.9% Wednesday; the chain is 28% below its April high and down 16.5% in a month. Home Depot sank 3.6% Wednesday. The stock is down 8.2% in December and 10% from its November 26 high. Big Exporters Apple dropped 2% Wednesday, after hitting a new high.The iPhone maker is up 8.8% in a month. Nike fell 1.4% Wednesday. The stock is down 38% from the 52-week high hit just before Christmas last year. The athletic show maker reports after the bell Thursday; watch the numbers come in live with CNBC’s Closing Bell Overtime with Morgan Brennan and Jon Fortt. Nike is down 5% since the company last reported results three months ago. ExxonMobil fell 1.5% Wednesday and is down 5% in a week, 10% in December and 16% below its October 7 high. Chevron fell 2.7% Wednesday and is 14% from its April high and down 11% in December. CVX mountain 2024-11-29 Chevron in December.
Thursday’s big stock stories: What’s likely to move the market in the next trading session
Dec 19, 2024
