Closing Bell: Overtime: Intel CEO Pat Gelsinger on AI and chips, Early Instacart investor on IPO, How high will oil climb? 9/19/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 19 September 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks closed lower but off the worst levels of the day as investors await Wednesday’s Fed decision. Adam Crisafulli from Vital Knowledge and Nancy Davis from Quadratic Capital discuss the market set-up and the pop in yields. Early Instacart investor and Y Combinator CEO Garry Tan talks about the company’s first day of trading and what other names are in the pipeline. Intel CEO Pat Gelsinger talks about the company’s latest AI efforts from the sidelines of the Intel Innovation summit. Dan Pickering from Pickering Energy Partners discusses oil’s steady rise. Plus the latest on Amazon, Alphabet, and Rocket Lab’s failed launch.

Transcript

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0:00.0	A down day for stocks, every major average lower as the FOMC meets, that is the
0:06.7	scorecard on Wall Street, but the action is just getting started.
0:09.6	Welcome to Closing Bell overtime.
0:11.2	I'm Morgan Brennan. And I'm John Fort joining you today
0:15.3	from Intel's Innovation event in San Jose. Just a few moments will speak with
0:20.2	Intel CEO Pat Gelsinger and exclusive about the company's AI plans turnaround efforts
0:26.2	as that stock falls hard more than 4% today Morgan.
0:30.0	We're looking forward to that.
0:31.1	Also ahead this hour, why combbinator CEO and early Instacart
0:34.8	investor Gary Tan joins us to talk about the company's IPO and the stocks is big pop.
0:40.5	And we are expecting more breaking IPO news this hour as we await pricing from marketing automation company
0:46.8	Clavio. But we start with our market panel. Stocks under pressure ahead of tomorrow's Fed decision but closing well off the lows
0:53.8	joining us now as vital knowledge founder Adam Chrisifouli and quadratic capital management
0:58.1	CIO Nancy Davis great to have you both here Adam I will start with you. Almost stocks under pressure today,
1:05.6	almost every sector in the S&P finishing lower with the exception of health care
1:09.4	and communication services, basically flat. A lot of focus on higher energy prices in
1:14.8	recent days, higher yields in recent days, and a stronger dollar. Your thoughts?
1:20.1	Yeah definitely I think that you know there's a lot of anxiety around the inflation dynamic with oil prices causing a real acceleration in inflation.
1:28.0	You know, the real catalyst for the sell-off this morning came at 830.
1:31.0	You had a very hot Canadian CPI report.
1:35.1	Normally US stocks aren't very responsive
1:37.2	to Canadian economic data, but I think
	...

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