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Closing Bell

Closing Bell Overtime: Markets Track Oil Moves, Nvidia’s AI Moment and New Questions Around the Fed 3/16/16

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 16 March 2026

⏱️ 44 minutes

🧾️ Download transcript

Summary

Dan Skelly of Morgan Stanley Wealth Management joins on set to assess the market setup and what investors should watch next. In tech Nvidia takes center stage as CEO Jensen Huang delivers a major keynote. Patrick Moorhead of Moor Insights and Dylan Patel of SemiAnalysis analyze the announcements and discuss what they mean for AI infrastructure, memory demand and the semiconductor ecosystem. Mark Mahaney of Evercore explains why there investors are looking for signals for spending discipline across big tech. Finally Steve Liesman breaks down a key question in Washington: whether the Federal Reserve Board could vote Jerome Powell back into the chair role if Kevin Warsh is not confirmed in time.

Transcript

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0:00.0

The bell's bringing an end to the trading day at the NYSC. Citizens Financial ringing the bell and at the NASAC. It's the St. Patrick's Day Parade. Welcome to closing bell overtime. We're laughing studio be at the NASAC market site. I'm Melissa Lee, along with Mike Santoli. Sox broadly hired to start the week trying to snap a three-week losing streak. Oil providing some relief. We got more on the market straight ahead.

0:22.0

On our radar at the close, the big Nvidia event, Jensen Wong, wrapping up his keynote

0:27.6

address at the GTC, plus the next product that we need and that is potentially affected by

0:33.1

the blockage of the Strait of Hormuz.

0:35.1

And we'll look at what might happen as the standoff over the next Fed chair drags on.

0:39.9

1% game, Melissa, in the S&P 500.

0:42.8

You call it like a respectable but not necessarily decisive little bounce.

0:46.9

Not convincing, exactly.

0:47.4

Just the down drafts that we've seen, not really respectable either in terms of it's not any sort of capitulation. Same thing to the upside.

0:55.7

Not a lot of high volume stampede type resolution. You definitely say the market took the opportunity to say,

1:02.8

okay, we closed it a year to date low. The S&P was just above its 200-day moving average, starting to look oversold.

1:08.6

You obviously got oil price come in 4 or 5 percent,

1:11.8

and that cleared the way higher. And it was NASDAQ led. So it was a little bit like, let's go

1:16.3

to the old leaders, the old favorites, didn't quite get us to Friday's high even on the S&P 500

1:21.8

at the highs of today. So you wait to play another day. Volumes were pretty light. And you sort of also, I'm looking at things like bank stocks underperform. They didn't really have an emphatic comeback and even consumer cyclical. So, you know, we'll kind of take the lift, but don't necessarily assume things are settled. The old tech plays. I mean, Micron led the way all the memory stocks. Sure. They wanted to go to the old playbook once again. Yeah. So we'll see how it goes to me. On some level, it does make sense. We always end up in these situations in pullback mode when the market's like, wow, look how resilient, look how resilient. But then it takes on wear and tear and everyone says, but there hasn't been a flush. We need to have more aggressive downside to really solve things. So we'll see if we

2:01.1

actually are going to need something like that. Well, we're going to turn to the event of the day. InVIDIA holding its GTC event today with CEO Jensen Wong wrapping up his keynote just a few minutes ago. Christina Partinevarez is there and joins us with the headlines. And there were some eye-catching ones, Christine. Obviously, very complicated.

2:19.0

Yeah, and I'd very complicated to do that.

2:19.3

Yeah, and I'd just like to point out that Jensen's still speaking right now because he started a little late,

2:22.3

but he gave investors what they came for.

2:24.3

At least $1 trillion in cumulative revenue through 2027.

2:28.3

That's what he's promising of Blackwell and Rubin.

2:30.3

Those are different GPU architectures.

...

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