Closing Bell Overtime: Jerome Powell Hikes Rates For The 10th Time In A Year; Stocks Slide Into The Close 5/3/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 3 May 2023

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks slid into the close today after Fed Chair Jay Powell’s press conference. Jefferies Chief Market Strategist David Zervos and Unlimited CEO Bob Elliott break down the market’s reaction to the Fed’s 10th hike in a little over 12 months. Former Fed Vice Chair Alan Blinder and former CEA Chair Jason Furman read the tea leaves from Powell and the Fed. Qualcomm shares slid in Overtime after issuing weak guidance; Susquehanna analyst Chris Rolland discussed what investors should do with the stock. Host Hotels CEO Jim Risoleo joins the show after the company posted strong earnings and raised its full-year forecast; he talks the state of his customers and where they are spending money. Plus, Bernstein’s Toni Sacconaghi previews tomorrow’s big tech behemoth reporting: Apple.

Transcript

Click on a timestamp to play from that location

0:00.0	Getting close or maybe even there quote unquote stocks closing at
0:06.3	session lows after the Fed hike and pal said maybe that's the scorecard on
0:10.9	Wall Street but the action is just getting started welcome to closing bell overtime. I'm Morgan Brennan with John Ford coming up
0:16.3	this hour we will get the first reaction to the Fed decision from former
0:21.0	Council of Economic Advisors chair Jason Furman and
0:23.5	former Fed Vice Chairman Alan Blinder. Plus we got more earnings coming your
0:27.9	away from the likes of Qualcomm, Etsy Trip Advisor and Zilla. Let's begin
0:32.4	though with the Fed decision in the market reaction
0:34.2	joining us now David Zervos Jeffries chief market strategist and Bob
0:37.7	Elliot CEO at Unlimited. Bob you're here on set with us I'll kick it off
0:42.0	with you.
0:43.0	What'd you make of this what we might call a dovish hike
0:46.8	hike today?
0:47.8	It seems like there's something for everyone.
0:48.9	Yeah, I think, you know, Powell delivered what he was intending to do was to give that dovish hike, give some indication that they may be near an end to their tightening,
0:59.0	but also leave the door open for possibly more tightening if the data comes in and forces his hand to
1:05.5	keep going.
1:06.5	And I think that's the key thing that probably disappointed in the market.
1:08.8	I think many people in the market were hoping that this was one and done, and they didn't quite get that and we see it in the stock response in the three o'clock hour.
1:16.8	All right David want to get your thoughts on this too.
1:19.2	Conditional pause, data dependency, where we're seeing the Fed actually be data dependent.
1:25.0	How do you see it?
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.