Closing Bell Overtime: Why Some Investors Are Now Favoring India Over China; Shift4 CEO On Summer Trend Travel Data 6/21/23

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 21 June 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The third straight down session for the major averages. Wedbush’s Sahak Manuelian and Bespoke’s Paul Hickey break down the market action. Former FTC Commissioner Mozelle Thompson on the FTC’s probe in Amazon Prime. Ruchir Sharma, Rockefeller International Chairman, on his new column breaking down why investors are moving towards India and away from China. Shift4 CEO Jared Isaacman has insights into restaurant, hotel and other business spending levels; he talks why he still sees a strong summer ahead. Our Eamon Javers previews his new documentary on China’s corporate spy war. KBW’s Jade Rahmani on KHB earnings.

Transcript

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0:00.0	And we will take it a third straight day of losses for the major averages as tech stocks led those losses.
0:06.0	Today that's the scorecard on Wall Street, but the action is just getting started.
0:09.0	Welcome to Closing Bell overtime. I'm Morgan Brennan with John Fork coming up this hour breaking earnings
0:14.2	results from kv home giving us a window into housing as Fed Chair Powell tells
0:19.6	Congress that supply and demand for homes is getting back in line.
0:23.6	Plus we will talk to former FTC Commissioner Mosell Thompson about news today.
0:27.8	The FTC is going after Amazon over what it calls a deceptive process for prime sign-ups and cancellation.
0:35.0	Let's get straight to the market action.
0:37.0	Joining us now, Sahak Manuelian, head of Equity Trading at Wedbush and Paul Hickey, the co-founder of Bespoke Investment Group.
0:43.4	Welcome to you both. Sahawk, you're here on set.
0:45.5	I'm going to start with you.
0:47.6	Consolidation and digestion is how one of our market guests put it yesterday.
0:52.4	How do you see what's been happening in the markets this week
0:56.0	yeah a very big robust rally last week this week we've seen some tapering off
1:01.4	some consolidation a little bit of maybe a little bit of a
1:04.3	retracement but but really the underlying technical backdrop to stocks right here in
1:10.5	pretty good footing we've had very strong upside momentum.
1:13.4	We can take a look at the 14 day RSI oscillator.
1:16.7	Stocks want to go higher and things feel okay, I think in terms of the technical backdrop here and you couple that
1:23.8	what's overbought in the short term last week we were overbought in the short term
1:28.7	last week the 14 day RSI was above 70 we've retraced back below that. So I think maybe 66,
1:34.8	67 as of today or sometime today, near term, towards the overbought area, but
	...

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