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Closing Bell

Closing Bell Overtime: OMB Director on Budget Bill Passing Senate; Booking Holdings CEO on Travel Demand 7/1/25

Closing Bell

CNBC

Business, News

4.8118 Ratings

🗓️ 1 July 2025

⏱️ 44 minutes

🧾️ Download transcript

Summary

Washington wrestles with the latest budget bill. Our Emily Wilkins breaks down the latest, followed by reaction to the Senate passing its version of it from OMB Director Russell Vought. Paul Hickey of Bespoke and Jose Rasco from HSBC weigh in on the market setup heading into the second half. Banks begin unveiling capital return plans—Leslie Picker tracks the headlines. Booking Holdings CEO Glenn Fogel joins on the travel boom ahead of July 4th and what he is seeing for summer.

Transcript

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0:00.0

About bell marks the under regulation, top build ringing the closing bell with the New York Stock Exchange,

0:04.8

real messenger doing the honors at the NASDAQ, and stocks mixed after two days of record closes for the S&P and NASDAQ.

0:11.4

Materials and health care were your leaders, while communication services and tech lagged,

0:16.1

the Dow now about 1% from its all-time high.

0:20.4

Tesla in the red after Elon Musk's feud with the president picked up once again with the president saying Doe should look at the subsidies Tesla is getting from the government. More on that ahead. And a negative day for the semiconductor stocks, ARMD, Broadcom, and InVIDia all down more than 3%. The housing trade is higher, though.

0:38.6

The construction ETF posting its best day since early May.

0:42.4

After breaking a four-month losing streak, Lenar, D.R. Horton, L.G.I. Holmes, Lowe's,

0:47.3

and Sherwin Williams, among the winners.

0:49.7

And a bullish day for retail stocks.

0:51.3

Abercrombie and Fitch, R.H. Target, an American Eagle with solid 5% or more gains, the retail ETF, XRT, posting its best day since May 12th.

1:02.0

And the casino stocks among the leaders in the S&P following new data showing a surge in activity in Asian Gaming Hub Macau.

1:10.0

Well, that's a scorecard on Wall Street.

1:12.3

Welcome to Closing Bell Overtime.

1:13.9

I'm Morgan Brennan, along with John Fort,

1:15.8

reunited coming up on the show.

1:17.9

After the Senate passed the president's big, beautiful bill,

1:21.1

we're going to talk to OMB director Russell Vote exclusively

1:24.6

about the impact the bill will have on the debt and deficits and more.

1:28.5

And booking CEO Glenn Fogel is going to join us ahead of one of the busiest travel weeks

1:33.1

of the year. That stock coming off a great quarter of 22%. But now let's get right to today's

1:39.2

market. It was a choppy session after the markets closed out a strong second quarter.

1:43.5

The Dow, the outperformer today,

...

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