Closing Bell: PCE Looming Large 5/30/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 30 May 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is the narrowing rally a sign of an unhealthy market or one that’s just taking another well-deserved breather? Dan Greenhaus from Solus, Joe Terranova of Virtus and Bryn Talkington from Requisite Capital break down what they’re expecting. Plus, T. Rowe’s Sebastien Page tells us what he is expecting from PCE tomorrow. And, top technician Jeff DeGraaf tells us which much-loved sector he thinks could be due for a pullback.

Transcript

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0:00.0	All right, guys, thanks so much. Welcome to Closing Bell. I'm Scott Wobner live at Post 9 here at the New York Stock Exchange.
0:05.0	This is make a break hour begins with Inflation Eve.
0:07.0	Tomorrow's PCE report looming especially large now. The market's on edge ahead of it.
0:12.0	We're going to ask our experts what's riding on
0:13.7	that read and what it means for the rally no matter what. In the meantime take a look at
0:17.8	the scorecard. With 60 minutes to go in regulation we are read today across the board. It is the
0:23.4	Dow that is the biggest loser and it's a sales force problem. Suffering its
0:27.8	worst day in years after its earnings, take a look at that. Down more than
0:31.7	20% and other cloud software names like
0:34.8	Service Now they're a mess too look at that that's down near 12% elsewhere
0:40.2	most S&P sectors are actually green today, all but two, and small caps are outperforming,
0:46.2	yields are down, that's a big part of that story.
0:48.4	It does take us to our talk of the tape, the fate of the rally, which has gotten more narrow yet
0:51.9	again, so is that a sign of an unhealthy market? the fate of the rally which has gotten more narrow yet again.
0:52.8	So is that a sign of an unhealthy market or one that is just taking another well-deserved
0:57.7	breather?
0:58.7	Let's ask Dan Greenhouse.
1:00.0	He is chief strategist for Solis Alternative Asset Management with me here at Post 9.
1:04.0	Welcome back.
1:05.0	Thank you, sir.
1:05.7	What's the story with this market?
1:07.2	It's been a little bit of a dicey week.
	...

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