Big Week for Earnings, Pfizer's Warning and Rebound, Yellen on the Israel-Hamas War 10/16/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 16 October 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Carl Quintanilla, David Faber and Sara Eisen led off the show with a look at what to expect from marketsthis week -- as earnings season ramps up and stocks move higher despite a rise in treasury yields. Pfizer also in the spotlight: The company lowered full-year guidance late Friday, citing weaker demand for itsCOVID vaccines and treatments. Why did the stock rebound? Also in focus: The Israel-Hamas war and what Treasury Secretary Yellen said about it, Charles Schwab earnings, obesity drug stocks vs. the consumer staples sector, a strong debut for Taylor Swift's concert film, David celebrates the Jets' upset of the Eagles. Squawk on the Street Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:08.2	Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintania with David Faber,
0:11.9	Sarah Eisen at post nine of the New York Stock Exchange. Kramer has the morning off.
0:15.4	Futures are solid despite yields close to one-week highs. The market watching for headlines on Israel, Gaza, will get
0:21.9	15% of the S&P this week in earnings, including Tesla, Netflix, Goldman, and Powell speaks on Thursday.
0:28.0	A robot begins with the big week ahead for investors as we get set for all of these results,
0:32.4	including B of A. As we said, Netflix and Tesla in there as well.
0:36.8	Also, we got Pfizer.
0:38.0	It slashed its sales forecast for its COVID vaccine and therapies late on Friday.
0:42.2	Shares, though, actually not going to be down ahead of the open.
0:45.4	And watching Apple, reports of disappointing iPhone sales in China.
0:50.0	Let's begin with this new week for the market.
0:51.9	It's going to have something for everybody.
0:53.6	Obviously, we're on the lookout for geopolitical headlines as we watch to see if Israel makes a move into Gaza.
0:58.7	But as we said, earning season will heat up. The FedSpeak calendar, Sarah, is insane.
1:04.0	It's heavy. There's a lot of them.
1:06.7	And you know, what's interesting is that FedSpeak has moved from hawkish to dovish now for the markets,
1:12.0	because increasingly you've got a number of these Fed speakers saying,
1:16.8	we're okay, waiting and seeing the impact of our higher rates.
1:21.7	They're not expressing any kind of alarm or panic over the fact that inflation numbers have come a little bit firmer.
1:27.9	CPI last week was firmer.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.