Closing Bell Overtime: Professor Jeremy Siegel On S&P 500 At Record Levels; Samsara CEO On Negative Stock Reaction To Strong Quarter 6/7/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 7 June 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

The S&P 500 touched a record high intraday before retreating into the close. Wharton Professor Jeremy Siegel on where he sees things going from here. Plus, Paulsen Perspectives author Jim Paulsen and Innovator ETFs’ Tim Urbanowicz break down the market action and preview what’s next. Samsara CEO Sanjit Biswas joins exclusively to talk the company’s latest earnings and the negative stock reaction – despite beating on both lines and raising guidance. AeroVironment CEO Wahid Nawabi on his company’s stock runup and the latest government contracts for drones. Plus, Citi Chief US Economist Andrew Hollenhorst on pushing back his Fed rate cut prediction.

Transcript

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0:00.0	Well, a hot jobs report initially sending the market lower, but stocks recovered.
0:04.2	The S&P 500 hit a record intraday high before drifting back to, we'll call it the flat line to close
0:10.4	out the week.
0:11.4	That's the scorecard on Wall Street, but the action is just getting started.
0:14.1	Welcome to Closing Bell overtime. I'm Morgan Brennan. John Fort is off today. We have a big
0:19.6	Friday show coming your way. Wharton's Jeremy Siegel will join us with his latest
0:24.4	thoughts on the market as stocks sit near all-time highs. Plus, the call of the
0:29.4	day. City has been forecasting a Fed rate cut in July but just pushed back its prediction after today's jobs report
0:36.2	we're going to talk to City's chief US economist about his new target date and
0:42.0	the latest on the game stop roller coaster following Woring
0:45.5	Kitty's YouTube live stream as that stock tumbled after yesterday's spike but
0:51.2	first let's get to today's
0:53.3	action. action, the S&P 500 as I mentioned hitting an intraday record despite a stronger
0:57.4	than expected jobs report that initially pushed futures sharply lower.
1:02.2	Yields rising on the back of that data though,
1:04.2	those didn't really let up with a 10 year above 4.4% again.
1:08.8	Let's bring in our market panel.
1:10.0	Jim Paulson of Paulson perspectives
1:11.5	and Tim Urbannowitz of an
1:13.3	Innovator capital management. Good afternoon to you both. Jim I will start with
1:18.0	you what to make of this jobs report because it does seem like there was something for everyone
1:23.6	depending on which part of it you dug into the most deeply.
	...

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