Closing Bell Overtime: Win streaks snapped, Disney board member on the consumer, one key piece of advice for the second half 6/23/23

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 23 June 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The major averages snapped multi-week winning streaks as stocks fell in Friday trading. JP Morgan’s Jack Caffrey and Invesco’s Brian Levitt discuss the weakness in the shortened week and the outlook going forward. Disney, Coca-Cola, and Under Armour board member Carolyn Everson, who was previously an executive at Facebook, gives her read on the consumer and post-pandemic spending. CFRA’s Sam Stovall gives a key piece of advice for investors in the second half. Plus an under-the-radar sector worth a look, why Virgin Galactic’s stock fell to earth, and a big change for Florida real estate.

Transcript

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0:00.0	That's right,
0:02.8	ending lower.
0:03.6	It's the worst week for the major averages since March.
0:06.0	That's the scorecard on Wall Street,
0:07.3	but the action is just getting started.
0:08.7	Welcome to Closing Bell overtime.
0:09.8	I'm Morgan Brennan with John Fort.
0:11.8	Coming up. This is double trouble for us by the way.
0:15.2	Coming up, we've got former Facebook executive
0:17.6	and current Disney and Coca-Cola board member
0:19.8	Carolyn Everson going to join us
0:21.8	to talk about her latest board appointment plus her
0:24.0	read on the consumer and the advertising industry. And later CFRA Sam
0:28.2	Stovol has one piece of advice for investors in the second half after the
0:32.3	market's strong start to the year.
0:34.2	He's going to join us to explain.
0:36.5	We begin this hour with a news alert on the Russell indices and a major rebalancing happening right now.
0:43.2	Bob Pezani, what is this and why should investors pay attention?
0:46.7	Well, this is one of the big liquidity events of the year.
0:49.2	We have a rebalancing.
0:50.4	The indexes have become very important.
0:52.1	S&P 500 index, Russell 1,000 and 2,000.
	...

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