Market Matters with CNBC's Bob Pisani — 1/19/2024

Stocks performance

• 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.

Bitcoin ETFs

• 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.