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Closing Bell

Closing Bell Overtime: Investing In Defense Stocks Despite DC, Budget Uncertainty; Top Banks Picks As Earnings Roll On 10/17/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 17 October 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

The Dow managed a positive close but the S&P 500 and Nasdaq fell in trading today. Truist’s Keith Lerner and Wedbush’s Kevin Merritt break down the market action. Earnings from United Airlines, JB Hunt and Interactive Brokers. Gabelli Funds Portfolio Manager Ian Lapey on his top bank picks as the sector’s earnings wind down. Former Deputy Assistant Secretary of Defense Roger Zakheim on how the defense sector is navigating supply amid DC turmoil. Our Kristina Partsinevelos on Nvidia’s slide today as the US expands its chip export controls. Melius analyst Conor Cunningham breaks down United’s earnings report. Plus, what you need to know ahead of earnings from Netflix and Tesla on Wednesday.

Transcript

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0:00.0

Stoats making a late day rebound despite the spike in Treasury

0:04.3

yield on red-hot retail sales that is a scorecard on Wall Street

0:07.2

but the action is just getting started.

0:09.2

Welcome to Closing Bell overtime. I'm Morgan Brennan with John Fort

0:12.2

coming up on today's show we are in the

0:14.9

thick of earning season and this afternoon we will get three reads on key parts of

0:19.8

the market when United Airlines J.B. Hunt and Interactive Brokers report results

0:24.9

will bring you those numbers as soon as they cross.

0:27.8

Plus we will break down the action in the banks and look ahead to tomorrow's

0:31.4

numbers from Morgan Stanley

0:32.8

when we're joined by Gabellius Financial Portfolio Manager.

0:37.4

We begin with the market though and competing narratives pushing and pulling on investors

0:41.4

today.

0:42.4

We had solid earnings from blue chip names

0:44.4

before the bell that helped lift sentiment but as I mentioned that hot retail sales number

0:49.0

spiking yields DC dysfunction new worries about chips that all kept the gains in a check you can see

0:55.9

the S&P closed basically unchanged 43 and the Dow actually finishing the day up

1:01.4

ever so slightly after being down

1:03.7

fingernail up yeah being down triple digits the Nas deck though

1:08.0

slightly lower joining us now Keith Lerner from truest and Kevin Merritt from

1:12.0

Wedbush.

1:13.3

Good afternoon to you both.

...

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