Closing Bell: Stocks Set to Stabilize? 10/5/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 5 October 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

When will stocks stabilize? Is tomorrow morning’s jobs report the key? Do we have to wait for earnings next week or beyond? The Wharton School’s Jeremy Siegel gives his forecast and explains why he likes stocks right now. Plus, BNY Mellon Investment Management’s Sonia Meskin is flagging serious downside ahead. She breaks down the parts of the market she is staying away from and where she is seeing strength. And, Bill Miller IV of Miller Value Partners is finding some opportunity amid the recent volatility. He explains where he is putting his money right now.

Transcript

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0:00.0	Welcome to Closing Bell. I'm Scott Wobner live from Post 9 right here at the New York Stock Exchange.
0:03.8	And this make-or-break hour begins with one of the biggest questions in the markets today.
0:08.0	Have yields moved so far so fast that they've already forced the Fed to fold and thus
0:13.8	Eventually cleared the way for a fourth quarter rally to materialize we tackle that as we track this final hour your score card with 60 minutes to go in regulation looks a lot different than it
0:24.5	did just one hour ago every S&P sector was negative not so much anymore in
0:29.8	fact we're green across the board here even the Russell so staples materials utilities
0:34.2	that's where we were going to start because that's where the pain was being felt
0:37.2	today but now you've got calm services green financials are green text green
0:42.2	health care is green as well. So we were going to say, well,
0:47.1	tech was mostly lower, that gain in NVIDIA today, not enough really to offset some of the
0:50.9	weakness in Microsoft, Amazon, and Meta, but as we said, the situation
0:55.9	continues to change, which is why we have to watch this final stretch so closely.
1:00.8	Let's talk about our talk of the tape. When will stock stabilize? Are they in the
1:04.9	process of doing that? This tomorrow morning's jobs report, the key. Do we have to wait for earnings next
1:10.1	week or even beyond that? Let's ask the Wharton School,
1:13.0	Professor Jeremy Siegel.
1:14.2	He joins us once again from Philadelphia.
1:16.6	Professor, welcome back.
1:17.8	It's always good to see and talk to you.
1:20.8	Good to see you, Scott.
1:22.1	You know, markets changing changing and a lot of people are concerned that
1:26.1	we're in the process of moving lower because rates continue to move higher.
	...

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