Closing Bell: Dow Storms Back, Alphabet Antitrust Suit & REIT Rebound? 1/24/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 24 January 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Dow staging a late day comeback with a nearly 400 point swing following a mixed batch of corporate earnings. The Justice Department and eight states filing an antitrust lawsuit against Alphabet over its dominance in the digital advertising market. Colorado Attorney General Phil Weiser on why he is alleging Alphabet tried to control all sides of the advertising market and why that business should be broken up. Evercore ISI’s Mark Mahaney says the worst case for Alphabet is they are forced to spin off its ad business, which could end up being decent for investors. Cantor Fitzgerald CEO Howard Lutnick, who is also Chairman commercial real estate firm Newmark on why he thinks there could be a big rally in REITs this year. Bernstein’s Aneesha Sherman explains why she is downgrading Lululemon to sell and slashing her price target on the stock. And MoffettNathanson’s Sterling Auty on what he expects to hear when Microsoft reports earnings after the bell. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	The Dow right now sitting at session highs are racing a 319 point deficit as big name earnings take center stage.
0:10.0	This is the make or break hour for your money.
0:12.0	Welcome everyone to Closing Bell.
0:13.6	I'm Sarah Eisen.
0:14.7	Take a look at where we stand right now in the market.
0:16.2	There's the Dow.
0:16.6	It's up 141 points or so.
0:19.3	It is in the lead right now, as I mentioned.
0:22.0	The biggest contributor to the Dow Gaines
0:23.4	travelers caterpillar united health care. S&P 500 is unchanged again tale of
0:28.8	various sector performances here industrial utilities and real estate going strong, but the tech sector, energy,
0:35.8	communication services, they're all getting hit today.
0:38.1	The Nasdaq is down a tenth of 1%. Remember, this follows a very strong back-to-back rally, especially for technology.
0:46.0	Check out Alphabet. Story of the afternoon here, taking a late day dive on news that the DOJ and
0:52.2	eight states have filed an antitrust suit against
0:55.2	Google over its dominance in the digital ad market. We're going to talk to
0:58.9	Colorado's attorney general who's part of that lawsuit in just a moment.
1:03.0	Also ahead this hour, we will talk to Kenner Fitzgerald, CEO
1:06.0	Howard Lutnik about his read on the economy,
1:08.0	his outlook for the markets,
1:10.0	and what he makes of the wave of vacancies in commercial real estate.
1:13.5	He's also the chair of Newmark, big commercial real estate player.
	...

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