Closing Bell Overtime: What The Teamsters Strike Means; Grading Yellen’s China Visit 7/5/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 5 July 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Averages closed lower after Tuesday’s market holiday. Truist’s Keith Lerner and Wells Fargo’s Darrell Cronk break down the market action. Broughton Capital’s Donald Broughton walks us through the impact of the Teamsters strike on the shipping industry and stocks like UPS and FedEx. JPMorgan Co-Head of US Rates Strategy Jay Barry discusses the second-half outlook for rates. Wahid Nawabi, AeroVironment CEO, talks what a successful China visit for Treasury Secretary Janet Yellen would look like. Plus, Hightower’s Stephanie Link on her second-half playbook and Wedbush’s Dan Ives on Amazon.

Transcript

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0:00.0	And Mike will see you in just a moment middling markets on this first full trading day of the second half
0:07.0	With all the major averages finishing lower fractionally that is the scorecard on a Wall Street
0:12.0	The action is just getting started.
0:14.0	Welcome to Closing Bell Overtime.
0:15.0	I'm Morgan Brennan.
0:16.0	John Fort is on assignment today.
0:18.0	Coming up this hour,
0:19.0	we're going to talk about news today
0:22.0	surrounding failed contract negotiations between UPS and the Teamsters Union
0:26.2	and the major impact that could have on the economy, also rival FedEx.
0:30.0	Plus the CEO of Defense Contractor Aeroviriment joins us to talk about Washington's
0:34.8	tensions with Beijing as Treasury Secretary Yellen heads to China and we'll talk to a meta-shareholder
0:41.3	as that stock hits a 52- hide ahead of the expected launch of its so-called
0:46.2	Twitter Killer app.
0:48.0	Shares finish today up 3%, but first let's get to today's market action.
0:51.3	Joining us now as Truest Wealth Co-Chief Investment Officer, today's market action. Jo-
1:02.7	co-chief investment officer, Keith Lerner, and Wells Fargo Investment Institute
0:58.0	President Darrell Kronk.
0:59.3	Good afternoon to you both.
1:00.8	Keith, I'll start with you.
1:02.3	We had a ferocious start to the year. What do you
1:04.7	do now as an investor? Well great to be with you Morgan. Now our overall view is
	...

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