Closing Bell: Nasdaq surges, Meta’s monster quarter, Digesting the Fed, Hot homebuilders 2/2/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 2 February 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

It was a mixed session for the major averages as the Nasdaq surged following Meta’s results, while the Dow pulled back a bit and the S&P 500 traded in-between. Mark Mahaney from Evercore ISI breaks down Meta’s surge and the read-through for Alphabet and Amazon. Analyst Angelo Zino previews what to expect from Apple. Former PIMCO Chief Economist Paul McCulley and G Squared’s Victoria Greene discuss the messaging from the Fed. Jonny Fine from Goldman Sachs talks opportunities in the credit market. Plus the latest on Disney’s activist battle, the CEO of homebuilder Meritage Homes on earnings, and why owning chickens to fight egg inflation isn’t all it’s cracked up to be. 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	That post-fed sugar high is rolling on today, at least for the S&P 500, sitting at its highest
0:07.0	level now in five months and the NASDAQ up sharply as Meta surges on earnings.
0:12.7	This is the make or break hour for your money.
0:14.4	Welcome everyone to Closing Bell.
0:15.7	I'm Sarah Eisen.
0:16.9	Take a look at where we stand broadly in the market.
0:18.3	There's the Nasdaq up 2.2%.
0:20.3	Dow is actually lower 231 points.
0:23.0	You have some earnings movers in their weighing on the Dow,
0:25.8	plus some of the defensive names like UNH, United Health Care,
0:28.6	shaving 183 points all by itself off the Dow right now.
0:32.1	Caterpillar Boeing travelers all a little bit weaker,
0:35.2	but you can see where the strength is.
0:36.5	It's in technology today.
0:38.0	S&P 500 is up almost 3 quarters of 1% right now.
0:41.4	Communication services, consumer and tech.
0:44.0	Those are the three groups leading.
0:45.2	That's why the NASDAQ is up more than 2% today.
0:48.1	Meta is a big part of the story, but it's really a lot of these technology
0:51.7	stocks that have been beaten up on higher rates all of
0:54.9	last year. Check out the stand that winter of the day. That is Meta. It is on pace
0:58.8	for its best session in nearly a decade. Solid revenue, a $40 billion buyback, and the promise of a quote,
	...

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