Closing Bell Overtime: Fed Holds Rates Steady; Intel CEO On Chips Act Grants

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 20 March 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Fed held rates steady but markets hit record highs after Chair Powell signaled a steady outlook. Jefferies Chief Market Strategist David Zervos and former Boston Fed President Eric Rosengren on the key takeaways from Powell and the Fed. Earnings from Micron, Chewy, Five Below and KB Home. CFRA’s Angelo Zino breaks down Micron’s numbers while Zelman & Associates’ Alan Ratner talks KB Home. Plus, Jon sits down with Intel CEO Pat Gelsinger on the CHIPS Act grants and the geopolitical importance of tech supply chains.

Transcript

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0:00.0	A triple record close as the Dow, S&P 500 and NASDAQ composite all in the session in uncharted territory.
0:14.0	That is the scorecard on Wall Street on this Fed day, but the action is just getting started.
0:19.0	Welcome to Closing Bell overtime.
0:21.0	I'm Morgan Brennan. Stocks rallying after the Fed reaffirmed plans to lower interest
0:25.4	rates three times this year. Coming up, former Boston Fed President Eric Rosengren
0:30.6	on when he thinks that first rate cut could happen.
0:34.5	And we are also just moments away from the re-pricing or from the pricing of
0:38.6	Reddit's highly anticipated IPO.
0:41.2	We're going to bring you all those details as soon as they are announced.
0:44.7	Plus, we will have instant analysis of earnings from Micron, KV Home, 5 Below, and
0:50.2	chewy. It's going to be a busy hour.
0:52.0	Plus, John Ford is in Arizona where he spoke with Intel CEO Pat Gelsinger earlier today John
0:59.4	Hey Morgan yeah the president just wrapped up speaking here about 20 minutes ago.
1:04.0	Intel securing up to 8.5 billion dollars in direct funding and grants from the
1:08.5	Biden administration, part of the CHIPS Act's goal of increasing chip manufacturing here in the US.
1:15.2	The company could also be in line to receive up to $11 billion in loans.
1:19.9	Early I spoke with CEO Pat Gelsinger and coming up you're going to hear what he had to say
1:24.9	about why on-shoring more semiconductor manufacturing back here to the U.S. is such a critical
1:31.4	geopolitical issue and why he's separating Intel design from Intel Foundry
1:36.4	in order to succeed.
1:37.4	All right, we are looking forward to that, John.
1:40.9	It's going to be, as I mentioned, a big hour.
	...

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