Closing Bell Overtime: Mixed Market, New Recession Call & Betting On Wrestling 3/8/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 8 March 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

It was a mixed day on Wall Street as investors await Friday's key jobs report, which could determine the Federal Reserve's next interest rate move. Jefferies David Zervos thinks stocks will continue treading water because investors are more confident the Fed will be successful in cooling inflation, but G Squared Private Wealth's Victoria Greene says the bond market is screaming headwinds for stocks. Credit Suisse Chief U.S. Equity Strategist Jonathon Golub explains why bond market signals suggest a recession could still be years away. And CNBC's Alex Sherman discusses his reporting that WWE is in talks to legalize betting on scripted wrestling matches.

Transcript

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0:00.0	Thanks Scott. Well that is the scorecard on Wall Street, but the action is just
0:05.2	getting started. Welcome to Closing Bell overtime. I'm Morgan Brennan with
0:08.6	John Fort. Ahead this hour a new recession call from Credit Suisse the firm's chief
0:13.7	U.S equity strategist will tell us why signals are saying we could be
0:18.0	years away from a downturn. And plus shares of W. W. W. E, yeah that one,
0:23.0	spiking into the clothes
0:24.4	following a report by our own Alex Sherman
0:27.0	that you might soon be able to bet on wrestling matches.
0:31.1	Scripped, did I say that wrestling matches? All the details are coming
0:35.1	up. Well let's get straight into our market panel shall we? Joining us now
0:39.3	Victoria Green from G-squared Private Wealth and David Zervos from Jeffries.
0:43.3	Good afternoon to you both.
0:45.3	Victoria, I'll start with you.
0:46.8	We got a little bit of a rebound today after that sell-off, that broad-based sell-off yesterday.
0:50.9	The NASDAQ finished up higher, the S&P higher and the
0:54.5	Dow down a slightly your thoughts on what is priced into this market right
0:59.7	now especially given the fact that we did get that more hawkish commentary or at least
1:04.1	tone from Powell from the Senate yesterday.
1:07.7	Just a little bit hawkish right putting 50 bases points back on the table and what we're
1:11.9	looking at though is everything held we bent but not broke if you look at the technical patterns the uptrend line got severely tested today but that afternoon rally helped it hold the 200 day moving averages holding so when we look on the
1:23.6	technical side there are still supports to this market that have bent but not
1:27.6	broken and still the uptrend from October isn't tapped so for now I know we're
	...

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