Closing Bell: The Future of the Rally 7/28/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 28 July 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is there enough momentum in earnings so far to keep the rally intact? Wharton Professor Jeremy Siegel gives his expert market take and debates with Veritas’ Greg Branch who has firmly remained in the bear camp. Plus, Capital Wealth Planning’s Kevin Simpson is changing up his portfolio this earnings season. He reveals his latest moves. And, JP Morgan’s top technician Jason Hunter is putting his bear case on ice. He explains why.

Transcript

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0:00.0	Of course, thank you. Welcome to Closing Bell. I'm Scott Watner live from
0:03.8	Post 9 here at the New York Stock Exchange. We're going to be joined
0:06.8	momentarily by Professor Jeremy Seagull of the Wharton School for a look at
0:10.3	where this rally can go from here. And that's where this make-a-break hour
0:14.0	begins with stocks on the move yet again the Dow might have given up its 13-day
0:18.1	win streak yesterday not its momentum though it's rising again Verizon P&G Boeing among the best
0:24.3	gainers today the S&P 500 just like the Dow looking for its third straight
0:28.2	week of gains and that's after the Fed's favorite read on inflation came in
0:31.8	largely in line with expectations.
0:33.7	As a result, interest rates mostly lower and that, to nobody's surprise, is helping the
0:38.1	NASDAQ to a strong day.
0:39.6	Apple and Amazon, of course set to report their earnings next week.
0:42.8	Bo stocks, there you see them.
0:44.6	Higher in today's session, it leads us to our talk of the tape.
0:47.6	Whether there's enough momentum in earnings so far
0:50.0	to keep this rally intact, let's ask Professor Jeremy Siegel of the Wharton School.
0:55.2	He is live with us once again.
0:56.5	Professor, nice to see you again.
0:58.6	Good afternoon, Scott.
1:00.3	We heading towards new highs professor?
1:07.0	I think so. I mean, this is such a strong market. You know, you hear the guidance from the firms that was so tentative you know in the first and second
1:15.4	quarter a lot of it is so much more confidence the internals are improving it's
	...

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