Second Half Playbook, EV Spark for Tesla and Rivian, Yellen to Visit China 7/3/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 3 July 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Heading into the 4th of July holiday,, David Faber, Leslie Picker and Mike Santoli explored what to expect from stocks in the second half of 2023 following a bullish first half, especially for tech. Tesla and Rivian led Monday's EV stock rally after posting better-than-expected quarterly deliveries. Analysts joined the program with their outlooks for Tesla and energy, respectively -- the latter was the worst performing S&P sector in 1H. Also in focus: Treasury Secretary Janet Yellen to visit Beijing on Thursday for a four-day meeting with senior Chinese officials, the outlook for regional bank stocks, Zuckerberg vs. Musk cage match update. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CnBC, Squawk on the Street.
0:05.9	Good Monday morning. Welcome to Squawk on the Street. I'm David Faber with Leslie Picker and Mike Santoli.
0:10.5	We're here at the New York Stock Exchange. Jim and Carl have the morning off. We are heading into an
0:14.8	abbreviated session. That ahead, of course, the Independence Day holiday. Market closes today at 1.
0:20.0	1 o'clock Eastern bond markets,
0:22.0	2 o'clock Eastern. That being said, let's give you a look at futures and how we're going to set
0:26.3	up for an open that is still at 930. We don't open any earlier. We just close earlier. Our roadmap this
0:32.8	morning does start with Tesla, and that massive delivery beat shares surging deliveries top 466,000 for the quarter.
0:40.4	Plus second half expectations the NASDAQ coming off its best first half since 1983 and the S&P logging its best quarter since Q4 2021.
0:51.4	And Apple, Amazon, AI and the Nvidia boom, tech stocks have been on a tear, but is there more
0:56.9	room to run? Well, we're going to start with Tesla, of course, extending that rally into the
1:02.9	second half of the year. The shares, they are up sharply. This on record second quarter deliveries
1:08.0	that, as I just said, totaled more than 466 000 vehicles the number
1:13.2	exceeded straight forecast the stock had a very good first half it seems to be off to a good
1:19.5	second half run here mike santoli and we're very thankful that they gave us some news to discuss
1:24.5	yes always nice always good to have the little weekend uh nug weekend nugget that they throw out there every three months.
1:31.6	It's fascinating as a mass psychological experiment to see how the market treats Tesla's fundamentals or just the aura of Tesla.
1:41.0	So an absolute beat on the volumes.
1:48.4	But I just, I feel like context has to be brought in here.
1:54.4	So in the first quarter, they were 5 to 10,000 units light relative to forecast in volumes. This quarter, they beat by 20,000. So net net, they're up 10 or 15 versus what we thought the first, the beginning of the year.
2:02.8	1.8 million units. That's been the expectation.
2:05.3	And that still is.
	...

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