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Closing Bell

Closing Bell Overtime: Former Cisco CEO John Chambers On AI And China; WPP CEO Mark Read On Partnership With NVIDIA 6/1/23

Closing Bell

CNBC

News, Business

4.4140 Ratings

🗓️ 1 June 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

The major averages closed higher today, though off session highs. Wedbush Securities Head of Equity Trading Sahak Manuelian breaks down the market action and reacts to quarterly results from Broadcom, Lululemon and MongoDB. Former Cisco CEO John Chambers on tech, China and AI. WPP CEO Mark Read discusses the company’s partnership with NVIDIA to use generative AI learning to produce advertising at scale. CFRA’s Angelo Zino breaks down Broadcom’s earnings. BofA’s Ethan Harris previews tomorrow’s jobs report.

Transcript

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0:00.0

Well, Major averages ending high are led by the NASDAQ, which is now on pace for its longest weekly wind streak.

0:07.5

Since 2020, that is the scorecard on Wall Street, but the action is just getting started.

0:12.0

Welcome to Closing Bell overtime.

0:13.5

I'm Morgan, Brennan.

0:14.2

Johncourt is off today.

0:16.0

Buckle up for another busy hour of earnings.

0:18.8

We've got reports from the likes of Broadcom,

0:21.1

Lulu Lemon, Mongo-D, Z-SCaler, and Charge Point. of one in the world, WPP, about the firm's new partnership with

0:34.1

NVIDIA to bring artificial intelligence to the ad industry. Stocks rising

0:39.4

through the session today but closing off the highs, so let's bring in Wedbush securities head of

0:45.0

equity trading Saahawk Manuelian so how great to have you on the show it's it's

0:48.7

it's like a schmorgas board this market there's something for here. I mean look no further than the

0:54.8

data this morning right you had an ISM manufacturing with an inflation read in

0:58.8

there big drop in prices paid that was positive But then the jobs data, ADP today, much stronger than

1:06.4

expected. Your take.

1:08.4

Yeah, hey Morgan, thanks for having me back. For sure, something for everybody. We saw the Jolt's Jobs Report

1:14.4

earlier in the week, earlier in the week and we saw the ADP employment change

1:19.3

this morning which was solid and then to your point the prices paid component this morning showing

1:25.7

inflation kind of coming you know under control if you will or certainly starting

1:31.1

to weighing some and then we also saw CPIs overseas in Europe.

1:34.8

Eurozone CPI came in lower and earlier in the week we saw Spain,

1:38.4

France, Germany, all report lower CPIs.

...

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