Closing Bell Overtime: Lux Capital’s Josh Wolfe On China’s Threat; Rockefeller’s Ruchir Sharma On Why The Dollar’s Days May Be Numbered 4/5/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 5 April 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Another mixed day for the averages with the Dow closing higher while the S&P 500 and Nasdaq finished in the red. Miller Tabak’s Matt Malehy and Meghan Shue of Wilmington Trust break down the market action and where to invest right now. FedEx stock went the other way, closing higher after announcing a reorganization and a dividend hike. Meanwhile, as Speaker Kevin McCarthy met with Taiwan’s President, Lux Capital Co-Founder Josh Wolfe discussed the threats China poses to U.S. companies. Rockefeller International’s Ruchir Sharma makes the case for why the dollar’s days of being the dominant global currency may be numbered. Plus, Betterment CEO Sarah Levy on the pulse of the retail investor. We get reports from our Melissa Repko on on weak March sales for Costco and Kate Rogers on how small business owners are rethinking regional banking.

Transcript

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0:00.0	A mixed end for the major averages this Wednesday in a decidedly risk off trading session.
0:07.7	That's the scored card on Wall Street, but the action is just getting started.
0:10.6	Welcome to Closing Bell overtime.
0:12.4	I'm Morgan Brennan and John Fort is off today.
0:15.2	Top CEOs including Apples Tim Cook and Disney's Bob Eager are meeting with lawmakers over concerns
0:19.8	about China. Coming up, venture capitalist Josh Wolf weighs in on what that could mean for the market.
0:26.6	Plus, find out where he is seeing opportunities in the defense sector.
0:31.6	Let's get right to the market action of the day.
0:33.2	Joining us now is Miller Teaback Chief Strategist Matt Malie and
0:36.2	Wilmington Trust head of investment Megan Shoe. Good afternoon to you both.
0:40.5	Matt, I'll start with you. We're getting some economic news this week and
0:46.6	today was no exception that has been disappointing or has been weaker than expected.
0:51.7	Are we in a scenario now where the market is actually digesting that
0:56.2	and instead of taking it as good news because it means the Fed is going to stop
0:59.4	tightening, taking it as bad news because the potential for a recession may finally be here.
1:05.6	Yeah, you know Morgan I think it is it we're seeing that shift
1:08.3	especially this week with the were bad news is actually bad news or bad news for the economy is bad news
1:13.8	for the stock market now the market hasn't been hit all that hard so I don't want
1:16.8	to alarm anybody but you know we've seen these you know with the whole thing
1:20.9	with the with the banking issue we seem to be
1:23.0	past the worst of it in terms of worrying about you know a major banking crisis but
1:27.7	just look at two stocks that really stood out to me today you look at Schwab
	...

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