Closing Bell Overtime: S&P 500 Closes At Record high; Breaking Down The Luxury Consumer 3/7/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 7 March 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

The S&P 500 closes at a record high after hitting an intraday all-time high. The Nasdaq also notching an intraday record. RBC’s Lori Calvasina and Bespoke’s Paul Hickey break down the market action, plus earnings from Broadcom, Marvell, Costco, Gap, Docusign, MongoDB and Samsara. Bernstein analyst Stacy Rasgon dives deep into the Broadcom numbers and its AI exposure. CFRA’s Arun Sundaram on Costco’s quarterly results. Neiman Marcus CEO talks the luxury consumer and bringing tech to high-end shopping.

Transcript

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0:00.0	A second day of gains with the S&P closing up about 1% a new closing high for the S&P 5002 I might add as those
0:08.4	major averages do close in the green for a second straight day that is the scorecard on
0:12.1	Wall Street.
0:12.6	The action is just getting started.
0:14.2	Welcome to Closing Bell overtime.
0:15.4	I'm Morgan Brennan with John Ford.
0:17.3	In video rallying today, helping the tech sector
0:20.2	outperform the broader market.
0:22.1	We've got real estate and financials the only
0:24.5	sectors in the red so now get ready for a barrage of earnings from some chip names
0:29.4	Broadcom also some software names, some retail names,
0:34.1	Costco, Gap, DocuSign, Mongo, several others.
0:37.2	You're gonna break down all the results
0:39.0	as soon as they're released.
0:40.4	Plus, we will take the pulse of luxury consumers and we're joined by the CEO of Neiman Marcus.
0:46.2	But as we await all of those earnings, let's bring in our market panel.
0:50.2	Joining us now is Paul Hickey of the Spoke Investment Group and Lori Calvasina of RBC Capital Markets.
0:55.0	Lori, it is great to have you here on set.
0:57.0	I'm going to start with you because we have the S&P finishing, as I mentioned, at a record high.
1:03.0	It looks like 5157 as we settle here.
1:07.6	Are we stretched?
1:08.7	Is there room to go higher?
	...

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