Closing Bell Overtime: Fundstrat’s Tom Lee On Why The Market Has More Room To Run After Today’s Fresh 52-Week High For The S&P 500; Baker Hughes CEO On The Energy Transition Ahead

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 12 July 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Nasdaq and S&P 500 close at fresh 52-week highs today. Fundstrat’s Tom Lee makes the case for more gains in the short-term after a cooler-than-expected CPI print. Baker Hughes CEO Lorenzo Simonelli on the global demand for energy and the future of LNG. Recursion stock soared 78% today after announcing a partnership with NVIDIA; CEO Chris Gibson on what AI can do for pharma. Morgan reports on a whistleblower lawsuit accusing Medtronic of prioritizing profits over patients. RXR CEO Scott Rechler on the state of real estate and the massive amount of commercial real estate debt coming due in the next three years. Plus, our Phil LeBeau on what to expect from Delta Air Lines earnings tomorrow.

Transcript

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0:00.0	Well, as a stop settle, S&P and NASDAQ closing at fresh 52 week highs just now on that softer
0:07.2	CPI reading that sent Treasury Yields tumbling too.
0:09.7	That's the 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.
0:16.1	We have got such a big show coming your way.
0:19.2	We're going to be joined by the CEO of Oil Field Services Giant Baker Hughes
0:22.3	with his outlook on crude
0:23.6	LNG and much more. Plus an AI-assisted biotech boost shares of
0:28.1	recursion are surgeon today after the company announced a partnership with
0:31.8	NVIDIA to work on AI-driven drug discovery.
0:35.1	We're going to talk to recursion CEO about that news.
0:38.1	But let's begin with the market.
0:40.0	Stocks closing higher after cooler than expected CPI, core CPI up just 0.2% versus last month.
0:47.6	That's what our next guest was counting on when you predicted 100 point
0:51.1	gain for the S&P 500 this week.
0:53.8	Joining us now is Tom Lee, Fund Strath,
0:56.5	managing partner, and head of research,
0:58.8	credit where it's due, Tom.
1:00.5	It's unfolding much as you said you have a 4825 year end target I believe for the
1:07.3	S&P 500 that's another 355 points 7.5% what else has to go right for us to get there
1:15.2	uh...
	...

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