Closing Bell Overtime: Meta Posts A Strong Quarter & The Fed Hikes Again 7/26/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 26 July 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Dow eked out a positive close, marking its thirteenth straight day of gains – the longest streak since 1987. BD8 Capital’s Barbara Doran and Jefferies’ David Zervos break down the market action and earnings from Meta, Chipotle, eBay, Mattel, Lam Research and ServiceNow. Evercore’s Mark Mahaney digs deep on Meta’s quarter – and where there may be some increased costs. Stephens’ analyst Joshua Long talks the consumer and Chipotle’s latest quarter. Jason Furman and Evercore’s Krishna Guha on the Fed’s rate hike.

Transcript

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0:00.0	We'll take it. You just heard it from Scott, the Dow Closing High for the 13th
0:04.7	straight day. This is the longest wind streak in 36 years. Thanks largely to
0:08.9	Boeing. That's the scorecard on Wall Street. The action is just getting
0:11.6	started. Welcome to
0:12.6	closing bell overtime. I'm Morgan Brennan with John Fort. Stocks
0:15.7	swinging in general today on Wall Street after the Federal Reserve hiked
0:19.2	interest rates by a quarterpoint and Chairman Jay Powell said rates could hold steady at that
0:24.6	September meeting and investors are now set for another huge hour of earnings
0:29.5	Meta Chipotle eBay, Mattel and Lamb Research all set to report results.
0:34.9	We will break down all those numbers as well as service now as soon as they hit the
0:38.8	wires.
0:39.8	Yeah, let's get straight to it though.
0:41.1	Joining us now is Barbara Duran, B. D8 Capital CEO and
0:43.8	David Zervos, Jeffries, chief market strategist. Good afternoon to you both.
0:47.4	David, want to get your thoughts? Not only on the increase, which the market
0:51.6	expected, but what we did hear from the chair
0:54.7	Powell today especially what he had to say about inflation and and specifically
0:59.7	the the wage piece of the puzzle?
1:03.4	Well, I think he did talk about wages and he certainly was interested in that
1:06.4	ECI number that comes out later this week.
1:08.6	But he was very specific, I think, on data dependence, no forward guidance, September is really about these next
1:16.2	two CPI reports, the next two pieces of payroll data, a little bit about that wage data.
	...

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