Closing Bell: Overtime: CEA Chair Jared Bernstein On The Biden Economy & Targeting Overdraft Fees; Prologis CEO On Commercial Real Estate 01/17/24

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 17 January 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks bounced in the final hour but it wasn’t enough to turn the averages positive on the session. Ariel Investments’ Charlie Bobrinskoy and BNY Mellon’s Jake Jolly on how to position as earnings season ramps up. CEA Chair Jared Bernstein talks the state of the economy and the Biden administration’s plan to target bank overdraft fees. Piper Sandler analyst Patrick Moley on Charles Schwab’s sell off after earnings; Oppenheimer’s Dominick Gabriele on Discover Financial earnings. Fairlead Strategies founder Katie Stockton on why the technicals support more upside for Nvidia, despite its wild 2023. Prologis CEO Hamid Maghadam on the company’s latest quarter and how the macro environment is impacting logistics.

Transcript

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0:00.0	All the major
0:05.0	all the major average is lower but not the lowest they've been all day the Russell
0:09.4	the small caps fair and the worst that's a scorecard on Wall Street, but winter's day late.
0:13.5	Welcome to closing Bell overtime.
0:15.0	I'm John Fort.
0:16.0	Morgan Brennan is off today.
0:17.8	Strong retail sales data and rising Treasury yields a double whammy for stocks,
0:22.3	but we are closing well off the lows as I mentioned of the session and coming up
0:26.7	Council of Economic Advisors Chairman Jerry Bernstein on whether better than expected economic data
0:31.7	could push back any fed rate cuts and the White
0:34.9	House's new fight against bank overdraft fees. Plus we're just moments away
0:39.4	from a trio of big earnings from Discover Financial, Kinder Morgan, and Alcoa. of Big
0:44.4	Earnings from Discover Financial, Kinder Morgan, and Alcoa, instant analysis of all the numbers straight ahead. But first let's get more on today's market action. Mike Santoli's back at the New York Stock Exchange.
0:53.2	Mike, a lot of trending around here, still above 4,700.
0:57.3	I mean, nothing definitive has happened to move things that much right?
1:03.0	No John I mean some apprehensive trading for sure
1:06.0	parts of the market are bending not yet breaking
1:09.0	you definitely seeing enough rotation
1:12.0	you know that's benefiting certain stocks that's keeping the overall
1:15.2	index from really buckling.
1:16.8	Today the beneficiary of things like health care and some other areas that had not really
1:21.4	been leadership.
	...

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