Closing Bell Overtime: Surprise OPEC+ Cut Sends Oil Surging; Former Hulu Exec On Disney’s Future 4/3/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 3 April 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Dow and S&P 500 notched their fourth straight day of gains to kick of Q2 trading while the Nasdaq lagged. Edward Jones’ Mona Mahajan discussed the market action while 3Fourteen Research’s Warren Pies broke down the move higher in crude. SPG Global’s Simon Gallagher, a former Hulu executive, talks the news out of Disney’s shareholder meeting and the latest salvos in the DeSantis versus Disney battle. Natural gas posted its worst quarter on record. Skylar Capital CEO Bill Perkins on what’s next for the commodity. Ronald Reagan Institute Director Roger Zakheim on the investment implications of Speaker McCarthy’s visit with the President of Taiwan. Our Phil LeBeau broke down the latest quarterly auto sales while Contessa Brewer talks what it means for the gambling stocks that this year’s men’s Final Four is composed of smaller schools and underdogs.

Transcript

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0:00.0	And I'll take it. It's a mixed picture for the major averages to start the month as tech takes a breather energy stock surged
0:06.7	That's the scorecard on Wall Street, but the action is just getting started. Welcome to closing bell overtime. I'm Morgan Brennan at John Fort is off today. Coming up on
0:15.8	today's show, Disney hosting its annual shareholder meeting this afternoon, the first since
0:20.5	Bob Iger's return to the top job.
0:23.2	We'll discuss the highlights in the company's future with former Hulu and Netflix executive
0:28.1	Simon Gallagher.
0:29.2	Joining us to talk about the market action though is Mona Mahajan from Edward Jones.
0:34.3	Mona great to have you on want to get your thoughts on stocks at these levels
0:39.3	right now. What do you think is priced in what isn't?
0:42.1	Yeah thanks Morgan and look at What isn't?
0:43.2	Yeah, thanks Morgan.
0:44.6	And look, it's a great question.
0:45.7	We've had a great Q1 thus far.
0:47.3	The S&P was up about 7%.
0:49.0	The NASDAQ up an impressive 15%.
0:52.0	But keep in mind,
0:53.0	most of that was valuation driven.
0:54.9	So we had an expansion of PE multiples.
0:57.3	Meanwhile, earnings growth actually contracted
1:00.4	during that period.
1:01.0	When we started the year, S&P earnings growth looked closer to 5%.
1:05.0	We're now hovering at about 1% positive on earnings growth.
	...

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