Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Dan Nathan says the Stock Market has Become a Pawn
Bullish Studio
Follow
2/16/2024
Dan discusses the market continuing to remain in bear market territory.
Dan comments on Mike Wilson stating that something is about to break here.
Dan also talks S&P estimates and says it is one step forward and two steps back in bear markets like this.
Category
🗞
News
Transcript
Display full video transcript
00:00
What is going to be that catalyst for rates to settle down?
00:02
We've got just craziness happening around the world.
00:05
I mean, if you took a look at the UK 30-year guilt,
00:08
we hit levels that we have not seen since 1998.
00:12
What is going on in fixed income broadly is just unprecedented.
00:17
Yeah, and again, we keep hearing this expression
00:20
by people who kind of get some of this macro stuff
00:22
better than we do, that something's about to break.
00:24
And if you look at what's going on in basically the British town,
00:27
we've been talking about what's going on with the euro.
00:30
The 20-year took 20 years, the BOJ intervention there with the yen.
00:34
I mean, there's things going on here where stock markets are just
00:37
kind of a pawn here.
00:38
And we're sitting here trying to find out individual names.
00:41
And really, it comes down to--
00:43
Mike Wilson, who comes on the show a lot from Morgan Stanley,
00:45
he just took down his S&P estimates.
00:47
And per facset, they're coming down year over year.
00:50
I think 9% growth was expected.
00:52
Now consensus is about 7.5%.
00:54
You tell me what the right multiple is
00:56
in a recessionary environment that we have not even
00:58
hit the recession yet, and we're going
01:00
to be in a profits recession.
01:01
I don't know.
01:02
You want to put 14?
01:03
You want to put 15 times?
01:04
He's got $2 in earnings for next year.
01:08
You put 14 on that, and you get below 3,200.
01:11
It's not far from Guy's level here.
01:13
So again, nothing's going to go in a straight line.
01:15
And the C word is a dangerous word, especially this time of year.
01:19
I just don't think we go down there like that.
01:21
Well, the crash.
01:22
I mean, I just--
01:22
I didn't know where it was going, but I got it.
01:26
You made me say it.
01:27
I didn't want to say it.
01:28
I don't want the headline to be that.
01:30
But my point is it is one step forward, two steps back
01:32
in bear markets like this.
01:34
And that's clearly what we're in.
01:35
Well, the C word could also be double C or C squared
01:38
or constant currency.
01:39
And all we hear about is the dollar.
01:40
But what we haven't heard about even in mega cap tech
01:43
is in constant currency terms, where they're going to cut.
01:46
In other words, we know the dollar has been a beast
01:49
and is certainly a major headwind.
01:50
And I think that at some point it becomes a tailwind.
01:54
The dollar is so overbought.
01:55
It doesn't mean it can't go further, especially based
01:57
upon what's going on with the differentials in policy.
02:00
But I haven't heard talk of budget cuts
02:03
as it relates to enterprise or CapEx or software.
02:06
That hasn't flowed through from any of the mega cap tech
02:08
companies.
02:09
And again, forget the dollar.
02:10
How about constant currency?
02:11
How about some of these companies
02:13
that really have been the lifeblood of this move?
02:16
Again, Apple's outperformed the S&P by 175%
02:19
over the last five years.
02:21
It's clearly been a major boost to the entire marketplace.
02:25
And I just don't think those comps-- things we can hold up.
Recommended
0:49
|
Up next
Sam Altman Warns Users Not To Blindly Trust ChatGPT Despite Its Rising Fame
Benzinga
yesterday
1:02
Elon Musk Calls Trump-Backed Senate Bill 'Insane,' Warns It Will 'Destroy Millions of Jobs'
Benzinga
yesterday
0:57
Microsoft Urges Employees to Embrace In-House AI — Performance Reviews May Reflect Usage
Benzinga
yesterday
3:05
Yor vs Nightfall Tennis Match | Spy x Family
MotionDaily
1/8/2024
0:36
Norway Changes To Color Television Live On 1972
MotionDaily
5/5/2023
0:54
How the COVID vaccine works
MotionDaily
4/8/2023
2:44
Dan and Guy Comment on Netflix
Bullish Studio
3/5/2024
31:32
Stock Market Sell-Off Intensifies
Bullish Studio
3/4/2024
1:24:04
Turn the BOE Around with Stephanie Link of Hightower Advisors
Bullish Studio
3/3/2024
6:12
Dan Nathan and Guy Adami Break Down the Action in the Stock Market
Bullish Studio
3/2/2024
1:09
Dan Nathan Discusses Rivian and Tesla
Bullish Studio
2/29/2024
1:10:36
Elon Eats Bird & Conversations w/ Not Boring's Packy McCormick & FirstMark Capital's Rick Heitzmann
Bullish Studio
2/28/2024
5:21
Guy Adami Discusses OPEC+ Making Deep Oil Cuts
Bullish Studio
2/26/2024
58:47
Fair Warning with Mike Wilson of Morgan Stanley, and Breaking News from Brady Cobb
Bullish Studio
2/25/2024
1:16:12
Goldilocks and her Four Bears with Liz Young, Vincent Daniel and Porter Collins
Bullish Studio
2/24/2024
54:05
Goldilocks and her Four Bears: A Conversation About Stock Market Volatility
Bullish Studio
2/23/2024
52:10
Healthcare as a Product, Not a Service with Adrian Aoun, CEO of Forward, and Katie Stanton
Bullish Studio
2/22/2024
0:26
Dan Nathan Discuss JPMorgan
Bullish Studio
2/21/2024
4:59
Dan Nathan Gives his Takeaways After the Fed Delivered Another Aggressive Rate Hike
Bullish Studio
2/20/2024
2:03
Guy Adami Comments on Amazon Bringing Back its Prime Day Sales Event for the Second Time This Year
Bullish Studio
2/18/2024
3:30
Dan and Guy on What is Worth Buying at Today's Bear Market Levels & Holding for the Next Five Years
Bullish Studio
2/15/2024
33:09
Wake Up in the Market Feeling Like D-Bo with CNBC's Deidre Bosa
Bullish Studio
2/13/2024
0:31
Guy Adami Says Disney Should Hang Onto ESPN
Bullish Studio
2/12/2024
51:01
Fed's Bitter Hands with Peter Boockvar, and a Conversation with Conor Flynn of Kimco Realty
Bullish Studio
2/11/2024
2:23
Dan Nathan on Why he is Picking Lyft Over Uber
Bullish Studio
2/10/2024