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Closing Bell

Closing Bell: The Fate of the Rally 11/7/23

Closing Bell

CNBC

News, Business

4.4140 Ratings

🗓️ 7 November 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

Is the rally too extended to continue or is it just getting started? Cameron Dawson from NewEdge and NB Private Wealth’s Shannon Saccocia give their forecasts. Plus, Jim Stewart – who wrote the book on Disney – breaks down what he’s watching ahead of that company’s earnings. And, Goldman Sachs Private Wealth’s Sara Naison-Tarajano discusses her year-end playbook.

Transcript

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0:00.0

All right, guys, thanks so much.

0:02.9

Welcome to Closing Bell.

0:03.9

I'm Scott Wobner live from Post Nine

0:05.4

here at the New York Stock Exchange.

0:06.7

This make a break hour begins with the NASDAQ going

0:09.4

for its longest winning streak in two years

0:12.0

as Mega Cap Tech bounces back in a big way.

0:15.3

Your score card was 60 minutes to go and regulation looks like that. The majors

0:19.2

all three of them are in the green today. Russell's giving some back yet

0:22.2

again a third of a percent. One of zero in the green today. Russell's giving some back yet again a third of a percent.

0:23.7

One of zero in on tech though. Apple, back above 180.

0:27.6

Most of the other big names also continuing their remarkable run.

0:32.2

I'm going to show you the gains in a week for mega cap

0:35.2

tack in just a moment but look at these yet again today at least 1% across the board

0:39.0

Amazon a little better than that oil well that's a big story today too

0:41.8

crude breaks below $80 a barrel and that's a big story today too. Crude breaks below $80 a barrel and that's led to large declines in many energy stocks today.

0:47.0

There it is $77.

0:49.0

Energy's the worst performing sector in the S&P today along with materials so a bad day there.

0:54.7

As for rates, the curve, well it's mixed, the short end declining once again and that is obviously

0:59.9

helping.

1:01.0

The tech trade as we just showed you takes us to our talk of the tape the

1:04.8

fate of this rally whether it's too extended to continue or whether it's just

...

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