Beat the street: Is this a good or bad Santa rally?; FedEx signals weak holiday season; Alphabet
As stocks continue to melt-up, IGTV’s Angeline Ong finds out if this is a good or bad Santa rally with tastylive’s Chris Vecchio.
FedEx’s results signal weak shopping season. Alphabet, all-sessions, shares rise on a report that the Google-parent is planning to restructure its ad sales unit.
(AI VIdeo Summary)
Market analysis with Chris Vecchio
In today's "Beat the street," Angeline Ong talks about how the US stock market is doing right now. She explains that there's still an ongoing Christmas rally, but wonders if it will continue. To get more insight, she invites Chris Vecchio to share his thoughts on the market's performance.
Vecchio says that the market is currently expecting six interest rate cuts from the Federal Reserve next year. However, he thinks this is unlikely because there aren't that many meetings scheduled. He also mentions that regular people are starting to invest their money in the market, which is temporarily pushing it up.
Pre-Christmas PCE and GDP growth rate
Ong then mentions two important pieces of information that we're waiting to hear before the holiday season starts: the PCE (Personal Consumption Expenditures) and GDP (Gross Domestic Product) growth rate. Vecchio doesn't think there will be any big surprises with the final GDP reading. He explains that even though the growth rate has slowed down, it's still at a healthy level, which suggests a soft landing.
NASDAQ 100 and company performances
Ong finishes the video by talking about technical indicators for the NASDAQ 100 and how the holiday season might affect the market's ups and downs. She also talks about the performance of some big companies like FedEx, Meta, Amazon, NVIDIA, Apple, and Alphabet. Lastly, she mentions that the price of gold has been going up, and she interviews Eric Strand, founder and portfolio manager at AuAg Funds, who says that gold traders are not overly excited and believes there is more room for the price of gold to rise.
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