What’s likely to move the market

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Here’s what CNBC TV’s producers were watching as the Nasdaq Composite and S&P 500 extended their postelection rally, and what’s on the radar for the next session.

• On Friday, the bank’s CEO will be on with CNBC TV’s Sara Eisen in the 10 a.m. hour, Eastern.
• Citigroup is up nearly 7% in four days. The stock is up 32% so far in 2024.
• The stock hit a high on Wednesday but is already 2.8% from that high mark.
• JPMorgan Chase, by the way, got a downgrade from Baird. Analyst David George thinks the stock will drop to $200, a roughly 15% decline from Thursday’s close. Year to date, JPM is up about 39%. The stock also hit a high Wednesday but dropped 4.7% from that level. 
• “We find that expectations are quite high, with the stock trading at ~2.6x [tangible book value], 15% cap to assets, over 14x 2026 [earnings per share] estimates, and ~10x [pre-provision net revenue] — all close or at all-time highs,” Baird’s George wrote in his research report on JPM. “We know we are fighting the tape here, but believe it makes sense to sell the stock.” 

• Arvind Krishna, CEO of the tech giant, is also on with Sara Eisen in the 10 a.m. hour.
• The stock is 10% from the mid-October high.
• IBM is up about 31% so far in 2024.

• The company releases its quarterly report Friday before the bell.
• The stock was up 4.3% on Thursday, hitting a new high.
• NRG is now up 86% so far in 2024.

• The relative strength index, or RSI, is one metric traders and investors watch to track how fast and far a stock has moved. Anything above a 70 suggests a stock is overbought, while a result that’s below 30 could mean it’s oversold. These readings don’t necessarily guarantee that a big move is imminent.
• After this recent run, 22 of the stocks in the Nasdaq 100 are in the overbought category.
• Booking Holdings is at the top of the list. The stock is up 3.6% week to date and up 18% in a month.
• Gilead Sciences is second. That stock Is up 9.4% in four days, and it’s gained about 16% in a month.
• Five of the 30 stocks in the Dow Industrials are seen as overbought. Goldman Sachs is tops, followed by Visa. 
• Goldman Sachs is up 12% in four days. Shares are up roughly 18% in a month.
• Visa is up 5.2% in four days. Shares are up 11.7% in a month.