Closing Bell: Critical Week for Your Money 6/9/23

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 9 June 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will this week go down as the one that saw the bull market return or not – regardless of what the numbers might suggest? Fundstrat’s Tom Lee makes his case. Plus, Leslie Picker breaks down a new risk for the big banks. And, Netflix shares jumped on a report of a surge in subscribers. We discuss what that might mean for the rest of the streaming space.

Transcript

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0:00.0	Welcome to closing bell I'm Scott Wabner. We do begin with breaking news
0:03.2	charges against former president Trump the indictment unsealed just before 2 p.m. Eastern time
0:08.4	you see the live shot there from the Justice Department special prosecutor
0:13.0	Jack Smith expected to make a statement any moment now.
0:15.8	We are going to go live to Washington
0:18.0	when that happens.
0:19.1	First, though, take a look at where we stand here
0:21.4	just past three o'clock in the east the
0:24.2	S&P 500 trying to close above 4300 for the first time since last August it's
0:30.5	about four or so points above that right now with the big question for investors right now
0:35.8	Has the rally really ushered in a new bull market as the long followed definition would suggest or are the bulls still or the bears excuse me are they
0:44.8	still in control we'll ask that question to fun strats head of research Tom Lee
0:49.3	he joins us right now Tom welcome back so we know we're 20% off of the lows,
0:54.5	the technical or follow definition of what a new bull market would look like.
0:59.9	But are we really, are we really in a new bull market given everything that we know and in some cases everything that we don't?
1:10.3	Scott, you know, we think the bull market did start in October.
1:15.0	Every new bull market was always met with deep skepticism.
1:19.0	We know that happened in 2020, and we know that happened in 2009 when even as late as October of
1:25.8	09 people were calling for new lows and pointed to the lack of earnings recovery
1:30.9	but I think a few things that viewers have to keep in mind is there's
1:35.8	been eight months now of rising trend and the S&P's solidly above the 20 day and now the
1:41.0	200 day moving average is rising again.
	...

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