Closing Bell Overtime: Averages Snap Weekly Losing Streaks as Stocks Surge, Richmond Fed President Thomas Barkin Says No Cuts This Year, PE Giant Orlando Bravo on the State of Software Firms and Jason Furman on Why the Fed Needs to Go Faster and Further.

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 3 March 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

We break down the action as stocks gained throughout the session. Vital Knowledge’s Adam Crisafulli and Northwestern Mutual’s Brent Schutte give their market outlook. Our Steve Liesman brings us the latest from Richmond Fed President Thomas Barkin. Thoma Bravo’s Orlando Bravo on the state of software and why more firms are going private. Jason Furman defends his op-ed calling for the Fed to go faster and further and MSA Capital’s Ben Harburg breaks down what he expects from this weekend’s NPC in Beijing.

Transcript

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0:00.0	Happy Friday that's a school card on Wall Street but winners stay late.
0:04.0	Welcome to Closing Bell overtime. I'm John Fort with Morgan Brennan coming up this hour
0:08.7	an exclusive interview with Orlando Bravo who runs the world's largest tech buyout firm with more than $120 billion
0:16.4	under management.
0:17.6	His thoughts on AI, the macro environment, and opportunities in software ahead.
0:22.7	Plus we'll talk to former council of economic advisors chair
0:26.4	Jason Furman about his new off-ed calling on the Fed to go faster and
0:31.2	further with its rate hikes. Now let's get straight into the market and this
0:35.3	push higher to end the week. Joining us now is Adam Chris Afooli from Vital Knowledge.
0:40.3	Adam, welcome. So you've been saying buy the dips below 4,000 on the
0:44.5	S&P and it looks like everybody did that, but we've got another jobs report
0:48.7	coming a week from today. Before that, factory orders, job openings, jolts, data.
0:55.0	How much of that has to come in hot for you to back off of your by the Dips call?
1:01.0	Yeah, so the coming week's going to be a real critical when you have some major macro events on the
1:05.8	calendar.
1:06.8	Powell's testifying for two days, Tuesday and Wednesday.
1:10.2	You have the Jolts report on Wednesday and then the big jobs report on Friday and we really are at a very important
1:16.2	election point. We've had now weeks of very hot January data on inflation and employment,
1:21.8	retail sales, etc.
1:23.0	So a month of January, the numbers came in well of expectations.
1:26.7	That's pushed yields up, that's pushed rate expectations higher.
1:30.1	And now we're waiting to see if that continued into February.
	...

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