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Closing Bell

Closing Bell Overtime: Polar CEO On Big Ticket Spending and Why The Consumer Is Holding Up So Well; Former Uber Exec Emil Michael On Uber’s Huge Stock Run 7/31/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 31 July 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

The major averages bounced around on the final trading day of the month, eventually closing higher. That continues the trend for July: the Dow, S&P 500, Nasdaq and Russell 2000 were all higher. Canaccord’s Tony Dwyer breaks down the market action. Earnings from Western Digital, Avis, Yum! China. Polaris CEO Mike Speetzen on the company’s latest quarter, the state of the high-end consumer and the new products unveiled at its investor day. MassMutual CEO Roger Crandall talks the inflation outlook and broader markets. Lux Capital’s Deena Shakir on investing in health care startups. Plus, former Uber exec Emil Michael on the huge run in that stock so far this year and what to expect for tomorrow’s earnings.

Transcript

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0:00.0

Well, goodbye July, but we're going to get you ready for August. Welcome to

0:04.4

Closenbell overtime. I'm John Ford with Morgan Brennan. Ahead this hour,

0:08.0

earnings are going to be coming fast and furious this week. Today we'll get

0:11.5

reports from Western Digital, Young China, Avis, and many more.

0:15.5

Plus, we'll talk to the CEO of Recreational Vehicle Maker Polaris about consumer demand for high ticket

0:20.6

purchases after that company posted strong results.

0:23.3

Polaris is up more than 30% on the year.

0:26.2

But first, let's get straight to the market.

0:28.3

So major averages, wrapping up a very strong July

0:31.8

in which the down-notch a 13 day winning streak that was its longest since

0:36.1

1987 the NASDAQ climbed nearly 4% for the month the S&P finished nearly 3% higher. Can the momentum continue? Let's bring in

0:46.3

Ken Accord Chief Market Strategist Tony Dwyer. Tony welcome. So my understanding strategists look at sentiment

0:55.5

technicals

0:56.6

fundamentals

0:58.4

for q three in particular

1:00.7

the rest of q three what is each telling you about whether investors should be mostly

1:06.0

still buying underperforming equities or selling to free up dry powder?

1:11.1

Boy, isn't that the theme lately, John?

1:14.1

So as you guys know, in June, we started talking about the hustle,

1:17.2

the rustle, we talked about it, I think, a couple of weeks ago.

1:20.2

That has brought the rustle 2000 back up

1:22.4

to the upper end of its range and that was

...

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