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Closing Bell

Closing Bell Overtime: Carvana CEO On Amazon Encroaching On His Territory; KKR’s Paula Campbell Roberts On Enhancing The 60/40 Portfolio 11/16/23

Closing Bell

CNBC

Business, News

4.4141 Ratings

🗓️ 16 November 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Amazon announced it will begin selling cars on its site, sending Carvana down 8% at one point; CEO Ernie Garcia joins to discuss why he says increasing online sales helps everybody. Stocks mostly held steady, but remain higher on the week. Vital Knowledge’s Adam Crisafulli and UBS Senior US Equity Strategist Nadia Lovell break down the market action. Earnings from Ross Stores, Applied Materials and Gap. Plus, our Deidre Bosa on why Alibaba shares tumbled today. BMO analyst Simeon Siegel on Gap’s numbers. KKR Chief Investment Strategist for Global Wealth, Paula Campbell Roberts, on how she is enhancing the traditional 60/40 portfolio for her clients.

Transcript

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0:00.0

Well you got your scorecard on Wall Street but winners stay late welcome to overtime I'm

0:05.1

John Fort back with Morgan Brennan.

0:07.7

Welcome back retail and sharp focus today as Walmart pulls back on earnings and

0:11.1

Macy's gets a major boost and we'll get more

0:13.9

reads on the consumer this hour when Gap and Ross stores report results we

0:18.0

will bring you those numbers as soon as they cross.

0:20.3

Plus Carvana shares sinking about 5% but off the midday lows on news that

0:24.3

Amazon's getting into the auto sales business starting with Hyundai. We're

0:28.7

going to talk to Karvana CEO exclusively about that news and how it shakes up his business, if at all.

0:35.0

Let's begin though with the market in a more muted session today, but still pacing for big gains

0:39.6

on the week.

0:40.6

Energy by far the worst performing sector on the session as oil prices slide.

0:46.0

Joining us now as vital knowledge founder Adam Chrysophoulli and UBS Wealth Management, senior

0:51.0

U.S. equity Strategist, Nadia Level.

0:55.0

Nadia, welcome, first of all.

0:57.8

At UBS, you guys seem to have a somewhat sunny perspective on where the economy is headed from here.

1:03.7

You think yields are coming down, particularly on the 10-year,

1:07.4

and the S&P can go higher.

1:11.0

Yes, I would characterize it as a sunny outlook.

1:13.7

I would have characterized people as a balanced outlook.

1:16.6

We do expect the economy to slow, but we don't expect a recession, and so that should help

1:20.9

bonnials to come down as well.

...

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