Market Matters with CNBC's Bob Pisani — 1/19/2024
- Stocks have hit historic highs, with the S&P 500 reaching 4,800.
- This is unlikely given the strong performance last year, particularly in tech stocks, but tech stocks continue to lead the market.
- Other sectors, such as energy, banks, and real estate, are not performing well.
Presidential election impact
- Historically, presidential election years tend to see outperformance in the stock market.
- However, it's hard to predict how the upcoming election will impact markets given the current market conditions and volatility.
Future of the NYSE floor
- The NYSE floor has undergone major changes over the years, with electronic trading and technology replacing the need for floor brokers and specialists.
- In 20 years, the NYSE floor is expected to be even more electronic and technology-driven.
- The transition has made the market more efficient, but there is still a need for centralized designated market makers.
Relationship with Art Cashen
- Bob has known Art Cashen, a market historian, for many years.
- Art taught Bob a lot about market history and the power of storytelling.
- They used to spend time together at the NYSE's lunching club, which has since closed.
- The launch of Bitcoin ETFs is seen as a positive development.
- ETFs provide a safer way for people to invest in Bitcoin compared to owning the cryptocurrency directly.
- However, Bob is not enthusiastic about Bitcoin itself and sees limited use cases for it.
- He sees the digital gold narrative as marketing hype and believes that blockchain technology is more exciting and useful.
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