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Closing Bell

Closing Bell: Summer Swoon or Surge? 5/31/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 31 May 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

Is the summer more likely to bring a swoon or surge for the market? Solus’ Dan Greenhaus and Citi Global Wealth’s Kristen Bitterly give their expert takes. Plus, BlackRock’s Bond King Rick Rieder breaks down the company’s new active ETF, the fed and more. And, Bill Miller IV acquired a majority stake of Miller Value Partners. He explains where he is seeing opportunity in the market right now.

Transcript

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0:00.0

Welcome to Closing Bell. I'm Scott Wopner live from Post 9 at the New York Stock Exchange.

0:04.0

This make-a-break hour begins with turning the page on May and we have two big interviews this hour to set you up for the months ahead.

0:11.0

Black Rocks Rick Reeder joins us in just a bit. He

0:14.2

launches his first ever active E. T. F. He's going to give us the read on the

0:18.0

markets. The Fed and where you should be best positioned for whatever comes

0:22.1

our way in June and beyond.

0:24.0

And Bill Miller the fourth is here as well.

0:26.2

We'll get his take on the AI trade, crypto, and much more.

0:30.0

And we're watching DC, of course, we all are as the debt ceiling vote gets underway at the bottom of the hour.

0:36.4

In the meantime, here is your scorecard with 60 minutes to go in regulation.

0:40.2

The final day of the month, a bit of a whimper, major averages all in the red.

0:43.4

They've been there throughout the day.

0:44.9

Tech, taking a bit of a breather today too, and cyclical areas getting hit as concerns

0:49.6

about the economy and another possible rate height continue to swirl.

0:54.0

I think we're all thinking about that leads us to our talk of the tape.

0:57.5

Whether summer is likely to bring a swoon or surge for stocks, let's ask Dan Greenhouse, soulless alternative asset management. He's here with me at

1:06.2

post nine. Welcome back.

1:08.0

Thank you sir.

1:09.0

Closing out the month and we're about to embark on the summer. What about that? Sell-off, swoon, or surge. What do you think? Yeah, listen, I think there's a lot of

1:16.9

technical reasons to think that that maybe we're up against the 4200 level is obviously

1:21.6

what everybody speaks about the most, but we've had a pretty good rally here and if attitudes about the next fed rate hike in a couple of weeks start to change, you could make a case for a little bit of a sell-off back down to the lower end of the range.

1:33.2

I don't think that would be particularly deleterious to the rally that seems to be happening now.

...

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