Closing Bell Overtime: S&P 500 Closes At Record High After Tech Bounces Back 3/12/24

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 12 March 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Big tech and chip stocks bounced back today, bringing the Nasdaq just short of a record close. But the S&P 500 managed a new record. Vital Knowledge’s Adam Crisfulli talks the market action while T. Rowe Price tech portfolio manager Dom Rizzo on the path forward for big tech and chips. Cowen analyst Helane Becker on how to trade the airlines while Boeing problems compound. Morgan Stanley’s Lisa Shallet on hedging AI exuberance. Plus, Ken Griffen on Trump and previewing retail earnings.

Transcript

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0:00.0	All time closing high for the S&P right around 5175 the Dow and NASDAQ also ending the day in the green the Russell's flat
0:14.0	ouch that's his core cloud on Wall Street but winter stay late
0:16.8	welcome to closing about overtime I'm John Ford with Morgan Brennan
0:19.6	well technology communication services discretionary the top
0:23.0	sector today utilities real estate materials lagged but coming up we'll
0:28.4	hear from a top tech portfolio manager Dom Rizzo ofiro Price, how he's navigating the AI trade, and where he sees
0:35.8	the mega caps headed from here.
0:37.7	And Morgan Stanley's Lisa Charlotte is back, breaking down how she would hedge the AI exuberance we are seeing in the market right now
0:45.8	speaking of let's get to today's action with vital knowledge founder Adam Chris
0:50.5	of Fouli Adam looking at what got us here to these levels.
0:57.0	Tech sectors up, what, better than 2%.
1:00.1	Oracle, a big gainer on earnings,
1:03.0	Invidia, Service Now, Crowd Strike, IBM,
1:06.6	and Meta.
1:07.2	It's a mix of what some would consider big old tech
1:11.4	and these AI and SAS players.
1:15.0	Yeah, I think Oracle is probably the most important
1:17.4	catalyst for the entire market.
1:19.0	You know, they had a strong report last night,
1:21.9	more than the reported revenue and earnings it was
1:24.3	the bookings number than just the policy of commentary around what they're seeing
1:27.3	with cloud demand and demand from AI providers it's very very. And that reignited the entire tech ecosystem, so software,
	...

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