Squawk on the Street American Airlines Grounded, Big Banks Sue the Fed, Steel Deal in Biden's Hands 12/24/24
Dec 24, 2024
Bob Pisani, a CNBC contributor known for his sharp market insights, joins to delve into a tumultuous holiday travel period for American Airlines, caused by a technical outage. The conversation highlights a historic lawsuit from major banks against the Federal Reserve regarding stress tests, questioning regulatory oversight. They also discuss Apple nearing a $4 trillion market valuation amid AI advancements and the anticipated Santa Claus rally impacting stock trends. Additionally, implications of the stalled Nippon Steel-U.S. Steel deal are examined, showcasing a critical moment for the market.
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American Airlines Ground Stop
- American Airlines had a nationwide ground stop due to a technical outage on Christmas Eve.
- This follows a similar incident with Southwest two years prior, costing them $140 million.
Banks Sue Fed
- Big banks are suing the Federal Reserve, challenging the stress test process's legality.
- They claim the process lacks transparency and public input, hindering lending and growth.
Bank Freedom
- Banks aim for more freedom in lending, dividends, and stock buybacks.
- They argue that current capital requirements are excessive, despite strong stock performance.