24-Hour Trades with Robinhood CEO & the Art Market’s $2B Week 5/11/23

Squawk Pod

CNBC

News, Business News, Business, Investing

4.2 • 543 Ratings

🗓️ 11 May 2023

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

Robinhood has announced 24-hour trading on some stocks and ETFs on weekdays, becoming the first brokerage to offer customers the feature. CEO Vlad Tenev discusses the evolution of the trading “day,” as well as the volume of retail traders and money inflows, amid economic volatility. CPI and PPI data this week have indicated that inflation might be slowing down–finally. Richmond Federal Reserve President Tom Barkin is unconvinced, however; he maintains that inflation is still moving too slowly toward the Fed’s 2% target. Treasury Secretary Janet Yellen is warning CEOs and politicians about the risk of America defaulting on its debt. Plus CNBC’s Robert Frank reports on the $2B worth of art going on sale at auction this week. In this episode: Vlad Tenev, @vladtenev Robert Frank, @robtfrank Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squawk Pod and I'm C and Vee producer Cameron Costa.
0:08.0	On today's episode,
0:10.0	Inflation may be slowly cooling, finally, but the debt ceiling negotiations in Washington are still heating up.
0:19.0	Could you hear heads exploding all over the liberal end?
0:22.0	It did not sound like fireworks at my window there was and
0:25.2	and trading app Robin Hood is rolling out 24 hour trading on weekdays
0:30.8	CEO Vlad Tenev on on why brokers are overdue on this shift.
0:36.2	If you look at equity markets and how they've evolved, the trading hours haven't changed
0:40.4	since the 80s and in that time period markets have gone electronic.
0:44.7	Those stories plus is the luxury art market under pressure this spring?
0:50.3	Go weigh in on Twitter.
0:51.9	You love getting the Twitter love. I do. You love getting the Twitter love.
0:54.0	I do. I love getting the Twitter love.
0:56.0	It's Thursday, May 11th, and Squawk Plaid begins right now.
1:00.0	Stand Becky by in three two one Q please
1:05.0	Good morning everybody welcome to
1:07.1	Squack box here on see NBC we are live from the NASDAQ market site in
1:11.0	Times Square I'm Becky Quick along with Joe
1:13.0	Kernan. Andrew is off today.
1:17.0	First up today on the podcast, Inflation, the entrenched price increases that have impacted our economy
1:25.9	and driven the Central Bank's monetary policy for the last year may be
	...

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