Closing Bell: Overtime: Stocks close higher to start the second half, Tesla delivers, Software demand in focus 7/3/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 3 July 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closed higher on the first trading day of the second half of the year, notching small gains after an up-and-down holiday session. Dan Greenhaus from Solus and Matt Stucky from Northwestern Mutual debate the market’s next move. CFRA’s Garett Nelson, who just increased his price target on Tesla, discusses the company’s strong delivery numbers. Hashicorp CEO Dave McJannet talks about the outlook for enterprise software demand and M&A in the space. Plus the latest on the banks, a preview of OPEC’s meeting this week, and a debate on the impact of the Supreme Court’s Affirmative Action decision on the workforce.

Transcript

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0:00.0	Maybe trying to close even. That's a score card on Wall Street as we kick off the second half.
0:04.7	Happy Independence Day, Winter's stay late. Welcome to a special edition of overtime. I'm John Fort
0:09.4	with Morgan Brennan and coming up this hour, W.T.I. crew just wrapped up a second straight negative quarter but Russia and Saudi Arabia
0:16.7	are signaling output cut so will that help put a floor under prices?
0:21.4	We will ask RBC's Heli Cross as OPEC gets set to meet this week.
0:25.8	And from fossil fuels to EVs. Tesla is jumping after deliveries surged 83% year over
0:32.1	year in the second quarter.
0:33.6	We're going to talk to an analyst about how high Tesla
0:36.3	could climb in the back half of the year.
0:38.2	Well, why wait?
0:38.7	Let's get straight to our market panel
0:40.0	as stocks close, you know, even, pretty close to even across the board.
0:45.9	Joining us now, Solas Chief Strategist Dan Greenhouse and Northwestern Mutual Senior
0:50.2	Portfolio Manager, Matt Stucky.
0:52.3	Guys, welcome.
0:53.6	Dan, second half playbook.
0:55.4	What do you sell heading into the second half?
0:58.4	Yeah, I mean, I'm not going to get into what you sell.
1:00.8	What I would say is what area what area do you
1:03.4	lighten up on do you perhaps go a little underweightish you know to make room
1:07.7	for the possibility yeah well listen if you think that this rally is going
1:10.9	to continue then presumably you're going to
	...

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