Closing Bell
Closing Bell 7/19/24
Jul 19, 2024
Financial news anchor Scott Wapner, technology journalist Jon Fortt, business reporter Morgan Brennan, and financial analyst Michael Santoli discuss market performance indicators, cybersecurity incidents, market volatility, American Express earnings, marketing strategies, small cap stock rally, insurance sector impact, market rotation, potential pullback, and undervalued sectors in an engaging and informative podcast.
43:11
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Quick takeaways
- Insurance stocks face decline from contagion concerns following Selective Insurance Group's losses.
- Western Alliance shows positive results by raising guidance and beating net interest income expectations.
Deep dives
Insurance Industry Response to Recent Catastrophes
Insurance stocks like Travelers, WR Berkeley, and others faced declines due to contagion concerns following Selective Insurance Group's losses from prior year casualty reserve development. The recent cyber attack fallout on CrowdStrike may also impact insurers like AIG, resulting in a 4-5% decline in the stock.
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