meta_pixel
Tapesearch Logo
Log in
Closing Bell

Closing Bell: Jobs shocker, NEC Director responds, Mega-cap tech falls short, PNC CEO on the consumer 2/3/23

Closing Bell

CNBC

Business, News

4.4139 Ratings

🗓️ 3 February 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Stocks declined in Friday trading following a blowout jobs number that nearly tripled estimates, and on the back of weakness in the tech sector after disappointing results from Amazon and Alphabet. National Economic Council Director Brian Deese breaks down what he called a “surprisingly strong” headline jobs number. Youssef Squali from Truist discusses his outlook for Alphabet and Amazon on the back of soft earnings. PNC CEO Bill Demchak talks about the signs he’s seeing from consumers and the state of the lending business. Plus the latest on Ford’s pullback, Starbucks and Apple results, and Ryan Cohen’s new target. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

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

...

Please login to see the full transcript.

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.

Copyright © Tapesearch 2026.