Closing Bell: Jobs shocker, NEC Director responds, Mega-cap tech falls short, PNC CEO on the consumer 2/3/23
Closing Bell
CNBC
4.4 • 139 Ratings
🗓️ 3 February 2023
⏱️ 44 minutes
🧾️ Download transcript
Summary
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| 0:00.0 | Stocks pulling back today in the base of disappointing earnings from mega cap tech and a red hot jobs number |
| 0:05.8 | but the NASDAQ and the S&P 500 are still on pace for solid gains to start the week. |
| 0:09.7 | Welcome everyone to Closing Bell. I'm Sarah Eisen. |
| 0:12.5 | Take a look at where we stand right now in the market. |
| 0:15.0 | Lower, down 1.16%. |
| 0:17.6 | The only sector higher right now is energy. |
| 0:19.2 | The NASDAQ's down 1.6%. As far as what's working, Apple has actually turned around and is higher. |
| 0:26.0 | Tesla is strong as well, but Amazon, Microsoft, Alphabet, and Invidia are holding back the |
| 0:30.8 | Nasdaq. The Dow is down about a half a percent as we speak. So clearly |
| 0:35.3 | some weakness but overall pretty resilient considering that very strong jobs |
| 0:39.9 | report and a move up in Treasury yields, 3.5 is your yield. |
| 0:43.0 | Check out the key tech earnings movers. |
| 0:44.8 | Amazon pulls back on guidance and cloud concerns. |
| 0:47.8 | Alphabet lower as well, but off its worst levels, |
| 0:50.1 | and then soft YouTube ads also hurt Alphabet. The stock is down 3.5%. Look at |
| 0:55.6 | Apple up 2.4% and pretty remarkable comeback now higher despite a profit and |
| 1:00.8 | revenue miss. We're going to talk about all of these names in just a bit. |
| 1:04.4 | Also ahead on the show, National Economic Council Director Brian Deese joins us to talk about today's |
| 1:08.8 | blistering jobs number, which nearly tripled expectations. Plus we'll talk to the CEO of PNC Financial |
| 1:15.0 | for his read on the economy, lending, and the American consumer. |
| 1:19.0 | Sixth largest bank in the US. |
| 1:21.0 | Let's get straight though to the market dashboard |
... |
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