What’s likely to move the market

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What’s likely to move the market

Traders work on the floor of the New York Stock Exchange during the morning trading on November 07, 2024 in New York City. 

Michael M. Santiago | Getty Images

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Here’s what CNBC TV’s producers were watching as the Nasdaq Composite and S&P 500 extended their postelection rally, and what’s on the radar for the next session.

Citigroup’s Jane Fraser

• On Friday, the bank’s CEO will be on with CNBC TV’s Sara Eisen in the 10 a.m. hour, Eastern.
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  is up nearly 7% in four days. The stock is up 32% so far in 2024.
• The stock hit a high on Wednesday but is already 2.8% from that high mark.
• JPMorgan Chase, by the way, got a downgrade from Baird. Analyst David George thinks the stock will drop to $200, a roughly 15% decline from Thursday’s close. Year to date, JPM is up about 39%. The stock also hit a high Wednesday but dropped 4.7% from that level. 
• “We find that expectations are quite high, with the stock trading at ~2.6x [tangible book value], 15% cap to assets, over 14x 2026 [earnings per share] estimates, and ~10x [pre-provision net revenue] — all close or at all-time highs,” Baird’s George wrote in his research report on JPM. “We know we are fighting the tape here, but believe it makes sense to sell the stock.” 

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Citigroup shares in 2024

IBM

• Arvind Krishna, CEO of the tech giant, is also on with Sara Eisen in the 10 a.m. hour.
• The stock is 10% from the mid-October high.
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  is up about 31% so far in 2024.

Bonds and beyond

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The U.S. 10-year Treasury yield in 2024

NRG Energy

• The company releases its quarterly report Friday before the bell.
• The stock was up 4.3% on Thursday, hitting a new high.
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  is now up 86% so far in 2024.

Big moves

• The relative strength index, or RSI, is one metric traders and investors watch to track how fast and far a stock has moved. Anything above a 70 suggests a stock is overbought, while a result that’s below 30 could mean it’s oversold. These readings don’t necessarily guarantee that a big move is imminent.
• After this recent run, 22 of the stocks in the
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  are in the overbought category.
• Booking Holdings is at the top of the list. The stock is up 3.6% week to date and up 18% in a month.
• Gilead Sciences is second. That stock Is up 9.4% in four days, and it’s gained about 16% in a month.
• Five of the 30 stocks in the Dow Industrials are seen as overbought. Goldman Sachs is tops, followed by Visa. 
• Goldman Sachs is up 12% in four days. Shares are up roughly 18% in a month.
• Visa is up 5.2% in four days. Shares are up 11.7% in a month.

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#Whats #move #market

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