Squawk on the Street SOTS 2nd Hour: Nvidia in Correction Territory, Trump Takes Aim at PBMs, CNBC Fed Survey 12/17/24
Dec 17, 2024
Vamil Devan, a Guggenheim Securities analyst specializing in the pharmaceutical sector, dives into pressing market dynamics. He discusses Nvidia's alarming plunge into correction territory and its implications for investors. Devan also analyzes President-elect Trump’s critique of pharmacy benefit managers, poised to reshape drug pricing strategies. With insights on Pfizer’s future amidst market pressures and evolving healthcare innovations, the conversation highlights a cautious outlook for major health companies facing heightened scrutiny.
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Market Overview
- The Dow's losing streak continues, impacting the overall market.
- Nvidia entered correction territory, and Pfizer raises its outlook.
Economic Data
- Business inventories increased slightly, positively impacting Q4 GDP.
- Home builder sentiment remains negative but shows slight improvement.
Retail Sales
- Retail sales show consumer strength, with notable gains in auto and online purchases.
- Spending was weaker in department stores, food services, and clothing.