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Closing Bell

Closing Bell Overtime: Affirm CEO On How Its Customers Are Holding Up Amid A Slowing Economy; Zuckerberg Swipes At Apple Vision Pro 6/9/23

Closing Bell

CNBC

News, Business

4.4140 Ratings

🗓️ 9 June 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Stocks ended the week higher: the Nasdaq notching its seventh straight weekly gain. Envestnet’s Dana D’Auria and G Squared Private Wealth’s Victoria Wealth break down the market action and look ahead to what will drive the action next week. Unlimited CEO Bob Elliott talks the rally in regional banks and if the turmoil is behind us. Retail traders are finally buying back into the market; is AI the reason? The Wall Street Journal’s Gunjan Banerji on what the data says. Meta is releasing its Twitter competitor. Slow Ventures Co-Founder Sam Lessin on what Meta is trying to achieve and if it will work. Cohesity CEO Sanjay Poonen talks next week’s major software reports: Oracle and Adobe, combining for nearly $500B in market cap. Stat News Senior Writer Matt Herper on the FDA’s Biogen/Eisai decision.

Transcript

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0:00.0

Well Green Across the Board, that's a scorecard on Wall Street, but winners stay late.

0:04.7

Welcome to Closing Bell overtime.

0:05.8

I am John Ford, Morgan Brennan has the day off.

0:08.6

Coming up this hour, the Memre Version.

0:11.0

Does this year's AI-driven rally have echoes of the meme

0:13.9

frenzy of the days of 2021 or are there different spirits driving the

0:19.0

action? We will debate it ahead. Plus we are awaiting the latest read on bank balance sheets from the

0:24.6

Fed we will bring you that breaking news as soon as we have it and now let's get

0:29.0

straight to the market action joining us Victoria Green from G-square private wealth.

0:34.0

And the question now, Victoria, I mean, this week's over, but ahead next week.

0:38.1

We've got Oracle earnings on Monday.

0:40.8

We've got, you know, the Fed in the middle of the week investors need to know

0:44.9

what to do from here now this is being called a bull market but how much of a

0:50.8

bull is it really is it a market with some really bullish big stocks that have run this far?

0:58.4

Yeah, thanks John. I know it. Is it to be or not to be? Is it really a bull market?

1:02.7

I think it depends on what market index you're looking at.

1:05.1

S&P equal weight, value, Dow, definitely not in the bull market territory.

1:09.4

Nazak, tip stocks, the elite eight, absolutely running. but I do think you're seeing a

1:13.7

pause there and you're seeing this mean reversion here in June where you've seen

1:17.0

small caps run you're seeing value do better the last two weeks and growth isn't

1:21.0

necessarily completely tanky and rolling over, but you are seeing I think some profit taking which is what we are advocating right now.

1:27.5

These stocks are very profitable, but they are absolutely priced of perfection, especially in Navidia.

...

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