Closing Bell: Overtime: Wolfe’s Chris Senyek On His Bearish Market Call; Moody’s Warns On China’s Credit 12/05/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 5 December 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Wolfe Research’s Chris Senyek out with a bearish market call; he joins the show to break down the reasons he’s pessimistic. Earnings from MongoDB, Box and Toll Brothers, plus market talk with Profit Investments CEO Eugene Profit and Vital Knowledge’s Adam Crisafulli. Gabelli Funds PM Jeff Jonas gives his top healthcare picks. Seaport analyst Ken Zener breaks down Toll Brother’s numbers and the broader homebuilding sector. Plus, our Eunice Yoon on why Moody’s issued a warning on China’s credit outlook.

Transcript

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0:00.0	The S&P
0:05.0	and P. M M stocks after trading in a narrow range today.
0:10.8	The S&P closing just below the flat line. The Russell 2000 of Transport seeing heavy selling though. That's the
0:13.3	scorecard on Wall Street but the action is just getting started. Welcome to
0:16.3	closing bell overtime. I'm Morgan Brennan with John Ford. We've got a big hour of
0:20.2	earnings coming your way. The builders and the Flyers results from home
0:23.5	builder Toll Brothers along with Box, Mongo D. B. Asana and Air Environment.
0:28.4	Plus it's nearly winter but one bear is coming out of hibernation.
0:34.0	Chris Senyek from Wolf Research gives us his bear thesis for
0:38.0	2024 and why he says the consensus view on Wall Street is wrong.
0:41.0	Stocks moving in a fairly tight range today but the 10-year
0:44.6	yield seeing a big drop on signals of a cooling labor market.
0:48.1	Bitcoin having another strong session breaking above 43,000.
0:53.0	Mike Santoldi is at the New York Stock Exchange.
0:55.6	Mike, the 10 year dropped below 4.2% for the yield
1:00.4	on that job openings report.
1:01.9	But the S&P didn't rally much what does it mean?
1:04.0	No it didn't John you did really have a reversal of the recent trend where you had
1:08.8	some weakness in the big winners of the year in the NASDAQ and then some strength and things
1:13.6	like transports and banks and other sickles and small caps. So maybe today was just
1:17.9	a little bit of a of a payback trimming around the edges type of day after
1:22.1	multiple days of outperformance by the trim
	...

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