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Closing Bell

Closing Bell Overtime: Mastercard CEO On Consumer, Global Economy, New Crypto Initiative; Snowflake CEO On AI Plans 6/28/23

Closing Bell

CNBC

Business, News

4.4139 Ratings

🗓️ 28 June 2023

⏱️ 47 minutes

🧾️ Download transcript

Summary

The Dow and S&P 500 closing lower while the Nasdaq was positive. Adam Crisafulli, Vital Knowledge founder, breaks down the market action. Needham’s Raji Gill reacts to Micron’s earnings. Mastercard CEO Michael Miebach sits down with Morgan for an exclusive interview on the consumer, global economy and a new crypto initiative. Advisors Capital Management CIO Charles Lieberman and Wedbush’s Bruce Harting on the state of banks after the latest Fed stress test. Snowflake CEO Frank Slootman on its AI strategy.

Transcript

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0:00.0

Well, your scorecard on Wall Street is a mixed bag, but Winter State Lehi to welcome

0:04.6

the closing bell overtime.

0:05.7

I'm John Fort with Morgan Brennan, and we have got a very busy hour of breaking news coming

0:10.1

your way.

0:11.1

In just a moment, we're going to get earnings results from MyCron as the

0:13.7

chip industry braces for potential restrictions on exports to China.

0:18.0

Plus, we're awaiting the Fed's bank stress test. Those are due out in 30 minutes, which will be even more closely watched than ever

0:25.3

After the financial turmoil we saw earlier this year and if that wasn't enough we've also got a rare exclusive interview with the CEO of MasterCard Michael Meebok on the

0:35.9

state of consumer spending the economy so much more. But first we begin with

0:40.9

today's market action and a mixed session as John just mentioned for the major averages following Tuesday's rally.

0:45.7

Joining us now vital knowledge founder Adam Chris a fooli Adam it does mixed and modest I'll call it with some of these moves.

0:54.4

The NASAC 100 basically ending the day completely flat here.

0:58.0

I want to get your thoughts on whether the trajectory from here is higher or lower and why?

1:04.7

So I think the overall S&P has a little bit further to go on the upside.

1:08.7

I really don't think it can get much higher than about 45.50 in the near to medium terms so that gives you

1:14.8

about 4% call it.

1:17.0

So there's a little bit more to go and I think the catalyst is going to be intensifying

1:21.2

disinflationary pressures.

1:23.0

But rather than chase that index just for a couple more percent,

1:26.5

I think some of the more believer groups have more upset potential.

1:30.0

So small caps, banks, energy, and then even China.

1:34.2

I think those areas of the market

...

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