Closing Bell Overtime: Exclusive Interview With UMW CEO And New Phoenix Suns Owner Mat Ishbia; Why Global Chip Giant Taiwan Semi Fell 5% Today 7/20/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 20 July 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Dow closed higher for its ninth straight session, but Tesla and Netflix dragged down the Nasdaq over 2%. Richard Bernstein Advisers CEO Rich Bernstein and BD8 Capital’s Barbara Doran break down the market action, including earnings from CSX, Knight-Swift and Capital One. Morgan talks exclusively with UWM CEO and Phoenix Suns owner Mat Ishbia on the state of the housing market, lending standards and his first months in charge of the Phoenix Suns and Mercury. Unlimited CEO Bob Elliott on regional bank earnings post-SVB collapse. Barclays analyst Brandon Oglenski on the transports sector and Wells Fargo analyst Aaron Rakers talks Taiwan Semi and the health of the broader chip names.

Transcript

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0:00.0	Mixed day for stocks, the Dow hitting a fresh 52 week high, but the S&P and the NASDAQ could not escape the big losses in Tesla and Netflix today.
0:09.8	That's a scorecard on Wall Street, but the action is just getting started.
0:13.0	Welcome to Closing Bell overtime.
0:14.3	I'm Morgan Brennan with John Fort.
0:16.5	As I just mentioned, the Dow closing higher for the ninth straight day,
0:19.8	but the post-earning sell-offs from Tesla and Netflix really dragged down at the
0:24.0	Nasak had its worst day of trading since early March.
0:27.0	Speaking of earnings, we are about to get a trio of them, CSX, Night Swift Transportation
0:31.8	and Capital One. We're going to bring you all the results
0:34.4	as soon as they cross the wires. Plus we will discuss the mortgage market and the
0:38.1	future of sports gambling as well an exclusive interview with United
0:42.1	Wholesale Mortgage CEO and Phoenix Sun's
0:45.0	owner Matt Ispia.
0:46.0	Now let's get started with our market panel joining us Barb Duran from BD8 Capital Partners and
0:51.6	Richard Bernstein from Richard Bernstein advisors.
0:54.2	Guys, welcome.
0:55.4	Rich, the NASDAQ, WCLD and Sox had particularly bad sessions. The NASDAQ was down 2% that cloud index and
1:06.3	semi-conductor index down 3.5% is this a signal maybe that there's been too much focus on a certain kind of stock?
1:15.0	So, so John, you know, I think you guys are pretty well aware that we have described the stock market as a seesaw, right?
1:23.0	And on one side of the seesaw you had tech, innovation,
1:26.5	disruption, cryptocuracies, all the sexy stuff.
1:29.5	And on the other side of the seesaw, you had virtually everything else in the world and I think today
	...

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