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Closing Bell

Closing Bell Overtime: Calpers CEO Marcie Frost Runs America’s Largest Public Pension. Here Is Where She Is Allocating Funds. 7/24/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 24 July 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

Major averages closed higher – the Dow’s 11th straight positive session. Cantor Fitzgerald’s Eric Johnston makes his case for why he’s still bearish on equities. Earnings from NXP Semiconductor, F5 and Whirlpool. Susquehanna’s Christopher Rolland reacts to NXP numbers and what it means for autos and the consumer. Citi’s Phil Drury breaks down the IPO pipeline and how he is positioned in the tech sector. Calpers CEO Marcie Frost on investing more in PE and VC opportunities. Plus, Gabelli Funds’ Tony Bancroft on defense sector earnings and Wells Fargo’s Michael Turrin on this week’s mega-cap earnings.

Transcript

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0:00.0

We start now the Dow hitting a fresh 52 week high and trading today major averages all in the green

0:07.8

that is the scorecard on Wall Street but the action is just getting started

0:11.3

welcome to closing bell overtime I'm Morgan Brennan with John Fort is just more than six years. And investors now turning their attention toward earnings from

0:24.2

NXP's semiconductors at 5, Whirlpool, and Cleveland Cliffs.

0:28.8

We're going to break down all the numbers as soon as they hit the wires.

0:31.9

And later, we will discuss the massive week of tech earnings

0:34.9

set to hit Wall Street

0:36.2

when we're joined by City Global Head

0:38.1

of Technology and Communications Banking, Phil Drury.

0:41.7

And the CEO Pension Fund Giant Calpers on where she is finding big opportunities

0:46.5

outside of the stock market, but let's get right to it and the markets.

0:50.1

Major averages closing higher today, the S&P 500 positive in five of the past six sessions today led by energy and financial sectors.

0:58.2

Our next guest though remains bearish on equities.

1:01.0

Joining us now is Eric Johnston,

1:02.5

Kanta Fitzgerald, head of equity derivatives

1:04.6

and cross-er asset.

1:06.4

Great to have you on.

1:07.6

Why are you still bearish here?

1:10.8

Thanks for having me.

1:11.5

So, you know, clearly the market has a significant amount of

1:14.6

momentum and the fund flows have been very strong. You've seen, you know, 70 billion

1:19.3

dollars go into mutual funds from retail. hedge funds have been increasing their exposure, and you

...

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