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Closing Bell

Closing Bell Overtime: Michael Saylor On Bitcoin Surging, New ETFs & Microstrategy; Emil Michael On Gig Economy 2/12/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 12 February 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

Another record close for the Dow and the S&P 500 notched an all-time intraday high before ending the day lower. Microstrategy’s Michael Saylor on bitcoin’s rise and his own company’s transformation. Former Uber CBO Emil Michael previews gig economy earnings. Chris Verrone, Strategas Head of Technicals, breaks down how the market is positioned while Interactive Brokers Chief Strategist Steve Sosnick on the one stock he says could derail the market. Earnings from Arista Networks, Avis Budget and Cadence Design. Tim Rezvan, Keybac energy analyst, on the sector’s rapid M&A pace.

Transcript

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0:00.0

Well, we've got another record close for the DAV, the S&P, just kind of holding

0:08.8

steady after hitting an intraday high, that's a scorecard on Wall Street but

0:12.6

winner stay late welcome to closing bell overtime I'm John Fort with

0:15.6

Morgan Brennan the blue chip index closing higher for the fourth time in five

0:19.3

sessions it was the Russell 2000 that was the very big outperformer today finishing the day up just about 2%.

0:26.2

Meanwhile, Bitcoin hitting 50,000 for the first time in two years.

0:30.4

We're going to discuss the outlook for Bitcoin with Microstratigy

0:34.2

Executive Chairman Michael Saylor. Plus it's going to be another busy hour of

0:38.4

earnings in overtime instant analysis of results from Marista networks,

0:41.8

cadence design, Avis Budget, Goodyear, and

0:44.7

Vornado is just moments away.

0:46.7

But first, let's get more on this record close for the Dow at least.

0:50.1

Mike Santoli joins us from the New York Stock Exchange to break it down.

0:54.0

Mike, yes, we had a record close for the Dow, we went back and forth with the S&P, the

0:58.8

NASDAQ finished the day lower, but really the small capes we just talked about the outperformer here.

1:04.1

How does it speak to where we're at in terms of this rally and how investors are

1:08.3

positioning themselves or broadening out given how oversold we are in some of those mega cap names.

1:13.6

Yeah, Morgan, in a sense, it's following the preferred script of a lot of people,

1:20.2

which is to say, OK, the big magnificent seven types of

1:23.7

have done their work let them back away the rest of the market might be able to

1:27.1

perk up a little bit and the Russell 2000 the eco-weight at S&P for as much as

1:31.8

they've been left in the dust by the

...

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