Ryan Detrick, Carson Group, joins 'Closing Bell Overtime' to talk the day's record market action.

Wall Street

The Nasdaq has closed at a new record high, reflecting continued strength in large-cap and technology stocks. Ryan Detrick, chief market strategist at Carson Group, noted that while some market participants remain cautious and small-cap stocks underperformed, the overall sentiment supports ongoing gains in equities.

Detrick highlighted that his firm remains overweight in equities, particularly in large-cap and technology sectors, and has increased exposure to developed international markets, especially Europe. He also pointed out that recent inflation data has not significantly impacted their outlook, and the momentum in sectors like AI and industrials continues to support the positive trend in the market.

NASDAQ closes at fresh record high

Joining me now is Carson group chief market strategist Ryan Dietrich Ryan, you're right so far But is it getting a little heady here? You think earning season keeps the excitement going? Yeah, we do John. Thanks for having me back and Hopefully everybody's having a good week so far. I mean great discussion right before I join right sentiment It's kind of mixed you can find some pockets of optimism We know the hedge funds and a lot of the big money institutions. Oh have really missed this rally That's one reason we think you can't continue But one thing to think about here the second half of July historically is kind of a choppy month You know Warren pies was on right before me. I love Warren. He talked about maybe a little choppiness Maybe that'd be perfectly normal, you know as we kind of catch our footing and everyone members help You know volatile last August was with the yen carry trade on wine If you go back and look we still were higher about three four percent last August I don't think the summer rallies done yet. Maybe a little break would be a perfectly normal John where Where Warren is differing from you is he's taking his overweight off of equity. He's going to equal weight That's what he told us here on overtime right some days ago You're staying overweight, even though you expect that if there are some pricing effects even inflation effects from tariffs They're gonna show up in a couple months. Do you just not expect those effects to be too serious? No, that's probably the best way to put it. We don't you know the inflation data today even today I mean today a wild day small caps down one and a half percent yet You've got the NASDAQ at all-time highs you can pick and choose that inflation data You know the reality we've been overweight equities honestly since the beginning of 2023, right? I came on with you a lot talking about that. I was on last month when you know, we set up summer rally in April We never cut our target. So we still are overweight Well one thing we've done from the start of year to right now. We're very overweight u.s We have gone more into developed international. We have gone more into Europe So we think you know, there's some diversification if you will We actually are pretty pretty heavy in the large caps as well again small caps underperformed today We think large capsule price still a little bit better and that'll still benefit investors the second half of this year Where are you going for international? Yeah, specifically Europe Europe some of the big ETFs I mean we look at Germany, you know What Germany started doing back in March when they're at all that spending with their GDP and defense spending we said, you know something You know, what are the four most dangerous words this time is different search on Templeton We said this time is different Europe's finally starting to do something there on the fiscal side and everyone it's a dirty word deficits We understand that but look historically when you have fiscal deficits You tend to have higher corporate corporate profits and you didn't have a better stock market That's what we're seeing in Europe and starting to see in the u.s. As well Do you believe in AI is that's why you think it's okay to continue putting money into u.s Equities at a time when valuation wise price to earnings things appear to be out of whack There's the theory out there that because tech is Doing a lot more big tech is doing a lot more as far as pulling weight overall in these indices They deserve a higher multiple. Well, we're in that camp too. I mean, like I said, we're overweight large-cap So by definition if you're overweight large-cap, you have a lot of tech exposure So we do we do think the AI theme is still alive and well And I know financials got beat up today some more company specific things There's still some reasons though we were overweight financials over overweight technology over at industrial some of those cyclical areas John We still like and then put a bow on it. We like like momentum those momentum ETFs So we think those are some areas have done very well for a while and that's a nice place for a lot of investors to buy kind of that on that theme if you will for the second half of this year

Russia's Vladimir Putin has rejected President Trump's ultimatum for Moscow to sign a ceasefire deal with Ukraine in the next 50 days. Trump has threatened to issue a 100% tariff on any country that does business with Russia if no ceasefire deal is reached.

Moscow

Ukraine Invasion

Russia rejects Trump's ultimatum for ceasefire in Ukraine

Fighting has erupted in the southern Syrian city of As Suwayda just six hours after a ceasefire was announced. Earlier on Tuesday, Syrian government forces withdrew heavy vehicles from the city, hoping to ease tensions.

As Suwayda

Fighting erupts in Syria’s As Suwayda hours after ceasefire deal

Two laptops and hard drives containing watermarked and unreleased music by Beyoncé were stolen from her choreographer’s rental car in Atlanta, according to police.

Atlanta

Unreleased Beyoncé music stolen from choreographer’s rental car

The House Committee on Education and Workforce is holding its ninth hearing in 18 months on antisemitism on college campuses. CBS News' Shanelle Kaul has more details.

Washington

Anger at House committee hearing on antisemitism in college campuses

An Air India Boeing airplane crashed in northwestern India in June, killing all people on board but one passenger. India's aviation regulator has now ordered airlines to examine fuel control switches on several Boeing models.

New Delhi

India orders airlines to inspect Boeing airplane models after crash

Controversy on Capitol Hill over the so-called Epstein Files is seemingly not going away anytime soon.

House Republicans block Democratic push to release Epstein documents

An Israeli scheme to move hundreds of thousands of already uprooted Palestinians to a so-called "humanitarian city" in Gaza has led politicians to spar with the defense establishment. Critics inside and outside Israel have denounced the proposal.

Jerusalem

Middle East Conflict

Critics slam Israeli scheme to move Gazans to 'humanitarian city'

At least two people were killed in a New Jersey flash flooding event, Gov. Phil Murphy said Tuesday morning as heavy rains are expected to continue battering the Northeast. CBS News' Rob Marciano has more details.

New Jersey

Two killed in New Jersey flash flooding

After over a week of negotiations in Doha, a truce in Gaza remains elusive, despite intensified efforts by mediators. The stalemate continues as both Hamas and Israel trade blame over ongoing strikes.

Doha

Gaza truce still out of reach after Doha talks

The U.S. Supreme Court on Monday cleared the way for President Donald Trump's administration to resume dismantling the Department of Education, part of his bid to shrink the federal government's role in education in favor of more control by the states.

U.S. Supreme Court clears way for Trump to gut Education Department

Syria's government troops entered the Sweida region following deadly clashes on Tuesday, while Israel carried out strikes against them, saying it was acting to protect the Druze minority.

Syrian forces enter Sweida city following deadly clashes

Heavy rains slammed the Northeast and caused flash floods in the New York City subway system. CBS News' Rob Marciano has the latest.

New York

Flash flooding pummels NYC and slams subway lines

US President Donald Trump told Russia to end its war in Ukraine within 50 days or face massive new economic sanctions, as he laid out plans for infusions of weaponry for Kyiv via NATO. "We're going to be doing very severe tariffs if we don't have a deal in 50 days, tariffs at about 100 percent," Trump said.

Global Tariffs

Trump gives Moscow 50-day ultimatum over Ukraine war

A Gaza-bound boat carrying pro-Palestinian activists and humanitarian aid left Sicily, over a month after Israel detained and deported people aboard a previous vessel.

Sicily

New Gaza-bound aid boat leaves Italy

The U.S. will manufacture more weapons to help Ukraine in its fight against Russia's invasion. President Trump said European nations will be footing the bill.

U.S. to send more weapons to Ukraine

Christian leaders have accused Israeli settlers of attacking sacred sites in the West Bank. The Greek Orthodox Patriarch of Jerusalem, Theophilos III - visiting the Christian town of Taybeh with other clerics - said settlers had started a fire near a cemetery and a 5th century church there last week.

Clerics accuse West Bank settlers of attacking Christian sites

Australian Prime Minister Anthony Albanese is in Beijing ahead of talks with Chinese President Xi Jinping. He's there to broaden economic cooperation with China, which is Australia's top trade partner, while taking into account security concerns.

Beijing

Australia's Albanese pushes Aussie exports in China visit

In an Oval Office meeting, President Trump announced that the US will sell weapons to European nations, who will then send them to Ukraine. The president also threatened new trade consequences if no peace deal is reached with Ukraine within 50 days.

Trump gives Russia new deadline for Ukraine peace deal

Astronauts from India, Poland, Hungary and the U.S. are returning from the International Space Station following the historic Axiom Mission 4 trip. CBS News' consultant Bill Harwood joins with more details.

Cape Canaveral

Axiom Mission 4 crew returns from historic trip to I.S.S.

Hundreds of Palestinians on Sunday (July 13) mourned two men who were killed in overnight clashes by settlers in the West Bank. One of the deceased is 20-year-old Sayafollah Musallet, a U.S. citizen.

Mourners bury U.S. citizen killed in West Bank settler attack

Search efforts resumed for the more than 160 people still missing from the deadly July 4 floods in Central Texas after being halted Sunday morning due to renewed flood threats. CBS News' Karen Hua has the latest.

Kerrville

Heavy rains halt recovery efforts in central Texas

Following his recent criticism of Russian President Vladimir Putin, U.S. President Donald Trump said he plans to send Patriot missiles to Ukraine. Trump, for the first time since he took office in January, is also considering authorizing new funding for Ukraine.

Trump considers new funding for Ukraine

Two women were killed and two people were injured in a church shooting in Lexington, Kentucky, after the suspect initially shot a state trooper, police said. CBS News correspondent Nicole Valdes has the latest.

Lexington

Two women killed in Kentucky church shooting

The European Union said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement, after U.S. President Donald Trump ratcheted up his trade war on the bloc.

Brussels

EU holds off on U.S. tariff countermeasures for now to pursue talks

One year ago, Thomas Crooks, a recent community college graduate, opened fire on then-candidate Donald Trump at a campaign rally in Butler, Pennsylvania. A year later, there's still no answers to why Crooks did it. Scott MacFarlane reports.

Butler

Motive still a mystery a year after Trump assassination attempt

Several European leaders and Mexican President Claudia Sheinbaum have expressed disappointment at the 30% tariffs US President Donald Trump has announced, but maintained openness to reach a negotiated solution.

Leaders of EU and Mexico slam Trump's 30% tariffs

A preliminary report depicted confusion in the cockpit shortly before an Air India jetliner crashed and killed 260 people last month, after the plane's engine fuel cutoff switches flipped almost simultaneously and starved the engines of fuel.

Ahmedabad

Air India crash report shows pilot confusion over fuel cutoff

Iran’s foreign minister says his country is ready to resume nuclear talks with the United States but will need assurances that there will be no more attacks against it. Abbas Araghchi made the comments on Saturday, during a meeting with foreign diplomats in Tehran.

Tehran

Iran willing to resume nuclear talks with U.S. if given assurances

Australia will not commit troops in advance to any conflict, Defence Industry Minister Pat Conroy said on Sunday (July 13), responding to a report that the Pentagon has pressed its ally to clarify what role it would play if the U.S. and China went to war over Taiwan.

Council of the City of Sydney

Australia to 'support status quo' on Taiwan amid U.S. defense push

The Pentagon is urging Japan and Australia to clarify what role they would play if the U.S. and China went to war over Taiwan, the Financial Times is reporting. According to the newspaper, the reported request caught Japan and Australia 'off-guard'.

Breakdown