Squawk on the Street
SOTS 2nd Hour: Former FCC Chairman, Zuckerberg vs. Apple, and Banking on Financials 1/13/25
Jan 13, 2025
Tom Michaud, CEO of KBW Stifel, shares his insights on the banking sector's earnings potential, emphasizing bullish trends. He discusses the impact of rising interest rates on financial stocks and the upcoming earnings season. The conversation also highlights Mark Zuckerberg’s criticisms of Apple, focusing on innovation and regulatory issues. Furthermore, the challenges facing TikTok amid potential bans are explored, alongside the implications for community resilience in California following recent wildfires.
42:16
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Quick takeaways
- The tech sector is under pressure from regulatory changes and export restrictions, significantly impacting companies like NVIDIA and Apple.
- California's wildfires necessitate a robust recovery strategy, highlighting the need for improved fire-resistant construction standards and community support.
Deep dives
Market Performance Overview
The market opened with a mixed performance, driven by various factors impacting different sectors. The Dow was positively influenced by UnitedHealth, while the tech sector experienced a downturn, contributing to a drop in the S&P 500 and Nasdaq. Notable declines were observed in tech stocks such as NVIDIA, Dell, and Micron, largely due to new export restrictions on AI chips imposed by the Biden administration, which NVIDIA criticized. Conversely, cyclical sectors like energy and materials were performing well, attributed to rising oil prices due to U.S. sanctions on Russia.
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