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Closing Bell

Closing Bell Overtime: Are Investors Too Rosy On China? And Why Pfizer’s New Weight Loss Drug Could Unseat Ozempic 5/22/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 22 May 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

The Nasdaq closed higher while the Dow fell in today’s session. Wells Fargo’s Darrell Cronk and Baird’s Ross Mayfield break down the market action. Is China’s economic reality less rosier than the investment banks are forecasting? Rockefeller International’s Ruchir Sharma makes the case for why investor should be wary of the strong bounceback story. A new study shows a Pfizer oral weight loss drug is as effective or even quicker than Ozempic’s injection; BMO analyst Even Seigerman on the investment prospects. Apollo Global’s Torsten Slock on the debt ceiling negotiations and the economic impact that’s already occurring. TransUnion CEO Chris Cartwright on why the American consumer remains strong. Plus, Zoom popped initially on strong earnings numbers; Evercore’s Peter Levine discusses the latest quarter. Tiffany is reopening its flagship store and our Robert Frank gives us a tour and what it means for the share price.

Transcript

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0:00.0

There's a scorecard on Wall Street to mix bag, but winter stay late.

0:04.4

Welcome to closing down overtime.

0:05.8

I am John Fort with Morgan Brennan and coming up this hour, Rockefeller International Chairman

0:10.6

Roushear Sharma is going to join us with a warning on China as tensions

0:14.8

ramp up with the US after the country called Micron a major security risk.

0:19.7

Plus we're awaiting earnings results from Zoom video,

0:22.8

the poster child of pandemic stock gainers,

0:25.7

still down sharply from its COVID peak,

0:27.6

but it has gained momentum in the past few weeks.

0:30.0

But first, let's get right into the market action stocks somewhat range-bound as

0:34.8

investors wait for news on the debt ceiling. Joining us now is Darrell Kronk,

0:39.4

Wells Fargo, CIO for Wealth and Investment Management and Ross Mayfield, Baird Investment Strategy

0:45.6

analyst. Welcome guys. Darryl, it looks like the market is pricing in the

0:51.3

perfect scenario. Softish landing, 70% likelihood of rate cuts in

0:57.0

Q4 though. Very little concern about this debt ceiling standoff that's kind of

1:01.0

an oncoming train but you're not quite so

1:04.7

sanguine about at all.

1:07.0

Yeah I think that's right John I mean when you look at the stock market it's

1:10.7

pricing in you know higher highs so is the volatility market when you

1:14.6

check out the Vicks or the move index but the bond market tells a very

1:17.7

different story and I think the data underneath tells a real different story

1:20.8

we all know about how narrow the leadership's been in the

...

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