← Money Rehab with Nicole Lapin
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- [00:02]
Nicole Lapin
I'm Nicole Lapin, the only financial expert. You don't need a dictionary to understand. It's time for some Money Rehab.
- [00:15]
Peter Tuchman
Hey, everybody, it's me, the Einstein of Wall Street. From the floor of the New York Stock Exchange, ladies and gentlemen, I'm going to be your temporary host sitting in for Nicole Lapin of Money Rehab as she is on maternity leave. We're going to be doing episode after episode every day of what the heck's going on. Give. Giving you a forensic breakdown of what's happening into the market as we end 2024. We'll be seeing a lot of you, so stay tuned. Three, two, one. Hey, everybody, it's me, the Einstein of Wall Street. We are here with trade like Einstein. I am Peter Tuchman and we're here on the floor of the New York Stock Exchange in the balcony. History is made in this building every single day. Somebody with my long term experience, I've been here for 137 years. It is my responsibility to help teach you how to navigate this market successfully. Boom. Hey, everybody, it's me, the Einstein of Wall Street. Wow, what a day. This morning, I believe the PPI numbers came in and they were not as good as we would want. So that definitely set the stage for an interest rate cut. But that also dragged down on the market in some sectors more than others. Look, we came in this morning, Mr. Trump, our soon to be president, was nominated person of the Year by Time magazine. And they in cahoots with the New York Stock Exchange, decided that they would then ring the opening bell and make a party out of it. And they sure indeed do that. You know, I've been on the stock exchange for 137 years. I've seen, you know, presidents come and presidents go. The last president who I was there for was the last president who was there was Bush number one. And he and his wife came to the floor, I believe, and no, maybe just him. And then the younger Bush's wife came without him after 9 11. But yes, Bush 1 was there. We ended up powdering his shoes, which is a bit of a gag that we do on the floor of the exchange. But he was the last president to be there. Obama, Clinton, or Mr. Biden, none of them had been down to the floor. So this was a big deal. And so this morning we came in, security was off the charts, as rightly so, two attempted assassinations on Mr. Trump. So they basically really needed to set the stage so that there was no chance, and God forbid anything could happen to the next president. So we had, you know, and also inside the floor of the exchange, it was just set up for, you know, a smooth entry in, a smooth entry out. We were sort of, you know, our maneuverability on the floor as brokers was a little bit restricted, but that's okay for an event like this, that. So be it. So be it. So they honored him upstairs, and he came with an incredible entourage. I did send some pictures, hopefully that, you know, you will be able to see them. But Mr. Vance, J.D. vance, the vice president to be, was also there. Mr. Trump's wife and daughters were there. And all the CEOs of all the largest hedge brokerage firms were there. David Solomon, head of Goldman and a number of others, chiefs and chiefs were there. And then a couple of heads of major hedge funds were there. Steve Ackman, who I believe had been a Democrat and had switched parties, was there to support Mr. Trump. He ended up going on CNBC. You know, the only thing that was slightly disappointing was that Mr. Musk was not there because he is a big, big added value to this organization. You know, in a way, if you are at all interested in what's going on with tech and AI and all that kind of stuff. So anyway, the first thing they did was honor him in the boardroom, which was amazing. And we were not in for that. That was just super strict, the inner, inner circle. And that was cool. And then they came down to the floor and they rang the opening bell, and then they did a little bit of a walk around with restricted maneuvering on the floor, walking and seeing what's going on. But they. They basically kept people in their spot. But what was disappointing was that I kind of anticipated that the market would respond favorably to Mr. Trump being there, and it did not. Right. So whether the economic data was the market slightly fatigued or whatnot, but that was the case. We closed down an odd lot. Really was an odd lot. I think the market's trying to figure itself out. I believe we got some more economic data coming in tomorrow. It's kind of getting its footing for Santa Claus to come. I mean, you've got to be able to hear the ring, ding, ding of the sleigh bells and the reindeer, because I feel that they're coming to town. I kind of got my gut. Is that the last couple. Look, we are on the 12th, right? So you've got 12 days to Christmas. You've got 20 days until the end of the year. And, you know, often you will see window dressing in years where the markets are down. That's Surely not this year. We are up 27% for the year. You know what we did have which was so exciting about yesterday was that NASDAQ closed at a record high above 20,000, right? Today there's a little bit of a pullback, so we gave a little bit of it back. But that's amazing. You're talking about stocks, the highest flyers on Wall street, the Google and Amazon and Netflix and these stocks and a couple more. And Apple closing at record highs, like all time highs, not 52 week highs, like the top of the top, the cream of the crop. Unbelievable. And that's big, that's quite a year. That's an incredible show. So that should signify to everybody that this is not a bubble, this is not just window dressing. These are real numbers, real money being put to work, real support, real loyalism as far as those companies go, because they are, those are loyalist companies, right? Amazon, if you're an Amazon buyer, that's what you do, right? If you're a Netflix watcher, that's what you do. If you're an Apple user, that's what you do, right? And so, and that's how we are. We are the greatest consumer, loyal consumer generation, I believe of all time, right? When we, when we like a burger, we like Shake Shack. When we like an Uber, that's who we drive with. If we like an Apple, we've got the phone, we've got the computer. You know, it's like what we do in our spare time with social media we're on. If we're an Instagram person, that's where we put our loyalty. And so that's an unbelievable thing. When young people ask me what stocks to invest in, I will often say to them, go to school, high school, college, wherever you are, go to school and ask, you know, 10 people that you see in class, you know, what sneakers they wear, what computers they use, what they do in their spare time, what social media they're on, you know, and really get a sense of their loyalism and where they stand, you know, and you will end up finding that you're going to, and this is no endorsement of any of these companies, but you're going to, you know, and what hamburgers they eat and what coffee do they drink. So you're going to hear a Starbuck, you're going to hear a Shake Shack, you're going to hear an Apple, you know, maybe not Nike because it's having a bad patch, but for a while there it was a Nike thing. But you know, these are the companies that have taken this market higher and higher. They're part of the magnificent seven, which is unbelievable. So that's what's brought 2024 to where it is, up 27% for the year. In the eyes of so much potential, troublesome times, this year could have gone a whole nother way, right? But it didn't. Right. We forged forward. There were pebbles in our shoes. We took them out of our shoes. There were bumps in the road. We went around those bumps. There were wars on the bathroom, you know, and we moved on through those. So, I mean, you know, the markets are resilient, people are resilient. Humans are resilient. Right. We know that from our own lives. So anyway, today was an extraordinary day from the markets perspective, globally, Whether you like Mr. Trump or not, it was an event that will be remembered forever. Person of the year, obviously, person of the year. There's not necessarily somebody who you may think is a good person or a bad person or whatever, but somebody who's definitely is forging a new space as forging a new path and is changing the world in many ways, some for the good, some for the bad. But you know, what an amazing day, what an amazing year, what an amazing life, what an amazing market volatility, liquidity, talking, markets talking. You know, it's. It's a beautiful day to be alive. You know, I try to wake up with some gratitude in my attitude. I try and go trade the market. I try and like to share and educate, motivate and inspire as many people as I can along this journey, you know, and surround myself with people who are really good at what they do and have and are inspired and motivated to do great things and learn and teach and share their stories with other anybody. So I love you all. Have a wonderful night. I'm signing off for the night. Bing Bong Shotzi. I'm out of here.
- [08:49]
Nicole Lapin
Money Rehab is a production of Money News Network. I'm your host, Nicole Lapin. Money Rehab's executive producer is Morgan Lavoy. Our researcher is Emily Holmes. Do you need some Money Rehab? And let's be honest, we all do. So email us your Money questions money rehaboneynewsnetwork.com to potentially have your questions answered on the show or even have a one on one intervention with me and follow us on Instagram @moneynews and TikTok MoneyNews Network for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make. This episode is brought to you by Progressive Insurance. Fiscally responsible financial geniuses, Monetary magicians. These are things people say about drivers who switch their car insurance to Progressive and save hundreds. Visit progressive.com to see if you can save Progressive Casualty Insurance Company and affiliates. Potential savings will vary. Not available in all states or situations.