Closing Bell Overtime: Late Day Market Reversal, Tech and Retail Earnings Bonanza, Snowflake & C3.AI CEOs on the Record 3/2/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 2 March 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks reversed midday losses after comments from Atlanta Fed President Raphael Bostic. BD8 Capital Partners’ Barbara Doran breaks down the market action while Miller Tabak’s Matt Maley breaks down what Silvergate’s tumble means. C3.AI CEO responds to a short seller’s report while Snowflake’s CEO talks customer cloud spending trends. Plus, a puzzling earnings move in Zscaler and results from Marvell, Broadcom, Nordstrom’s and Costco.

Transcript

Click on a timestamp to play from that location

0:00.0	Thank you, Scott. Stocks ending higher on FedSpeak today.
0:03.6	That's the scorecard on Wall Street, but the action is just getting started.
0:07.2	Welcome to Closing Bell overtime.
0:09.0	I'm Wergenbrennan with John Fort.
0:11.4	We've got more big name earnings that are coming your way this hour
0:14.3	including Nordstrom Marvell, Broadcom, Costco and many more.
0:18.6	Plus we're going to talk to the CEO of C3 AI. His numbers are coming out this morning. He's going to join us before his call.
0:27.0	And we're going to talk to Snowflake CEO Frank Slooten, his stock getting hit hard today after guidance missed what the street was
0:33.8	looking for. We mentioned Fed Speak sending stocks higher on the day but we get more
0:38.3	of it this hour with breaking news out of the Fed Steve Leisman has that for us. Hi
0:41.8	Steve.
0:43.0	Hey yeah, and a hawkish Fed Governor Chris Waller ending the day by saying if the
0:50.0	data continue to be too hot, the policy target rate will have to be raised above his
0:55.8	range of 5.1 to 5.4 percent.
0:58.2	That is higher than 5.4 percent.
1:01.0	The title of his speech was about the February hot data and he said the Fed
1:06.0	cannot risk a revival of inflation if the data moderates however in March he
1:10.6	does support a range in the 5.1 to 5.4% terminal rate which is where the
1:15.5	committee is right now.
1:17.2	But he said the data from February showed inflation is not coming down as fast as he had
1:22.0	expected or thought.
1:23.7	The fight to bring down inflation will now be slower and longer than many expected just
	...

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.