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Closing Bell

Closing Bell Overtime: Adobe CEO On Q1, OpenAI’s Sora; What Could Be Next For TikTok 3/14/24

Closing Bell

CNBC

Business, News

4.8118 Ratings

🗓️ 14 March 2024

⏱️ 42 minutes

🧾️ Download transcript

Summary

Averages closed lower today after more hotter-than-expected inflation data. Ariel’s Charlie Bobrinskoy on small-caps and G Squared’s Victoria Greene on broader markets. Earnings from Ulta Beauty, Pagerduty and Adobe. Adobe CEO Shantanu Narayen talks the latest quarter, AI adoption and OpenAI’s Sora tool. Lux Capital co-founder Josh Wolfe on the many moving parts around a possible TikTok ban and what could be next. Plus, our Leslie Picker on why some rundown New York City apartments are turning into another headache for regional banks.

Transcript

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0:00.0

A half an hour ago we were at session lows but not anymore. Stocks closing well

0:06.4

higher than that after a hotter than expected inflation report. That's a scorecard

0:10.7

on Wall Street but winter's stay late. Welcome to Closing Bell Overtime, I'm John Fort with Morgan Brennan.

0:15.2

Well, the Dow is snapping a three-day wind street.

0:17.0

While the S&P and Nasdaq did fall for the fourth time in five days,

0:21.0

real estate and utilities, the worst performers today.

0:24.4

Energy and communication services, the only sectors in the green.

0:28.7

Keeping an eye on the bond market today too with all that inflation data.

0:31.3

Now investors turning their attention to a

0:32.9

trio of bigger earnings we will have instant analysis of results from

0:36.4

Adobe pager duty and Ulta beauty and

0:39.3

and then we're going to speak exclusively with Adobe's CEO,

0:43.0

Shonton Orion, before he joins the call with analysts.

0:46.7

Plus, Lux Capital co-founder Josh Wolf reacts

0:49.7

to former Treasury Secretary Steve Manutians

0:52.0

interest in buying Tik-Tock.

0:53.8

But first, let's get more on today's market weakness.

0:56.7

Mike Santoli joins us now from the New York Stock Exchange.

0:59.4

Mike, I do want to get your thoughts

1:00.8

on what we saw in the markets because it really does seem like equities took

1:04.7

their cue from treasuries as we saw yields push a little bit higher on that PPI report that

1:09.4

was stronger than expected on the keels of a CIPI report that was slightly hotter than expected

...

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