Closing Bell Overtime: Parsing Powell; Former Netflix Exec On The New Bull Thesis After Blowout Earnings 10/19/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 19 October 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Major averages tumbled again today. Ariel Investments Vice Chairman Charlie Bobrinskoy breaks down the market action as well as earnings from CSX, Intuitive Surgical and Knight-Swift. Investors keyed in to Fed Chair Jay Powell’s speech today in New York; Grant’s Interest Rate Observer Editor Jim Grant on the most important points. Former Netflix and Hulu exec Simon Gallagher on Netflix’s blowout quarter and the new bull thesis for the stock. Freeport-McMoRan CEO Richard Adkerson on the latest earnings, state of the global economy and commodity prices. Navan has partnered with Citi to help cut down on hassle for expense reports; CEO Ariel Cohen joins to talk the deal and what’s next for fintech players.

Transcript

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0:00.0	Closing near the lows and what's been a choppy session for stocks as the 10-year Treasury
0:05.1	yields Kist came very close to 5%.
0:08.7	That is the scorecard on Wall Street, but the action's just getting started.
0:11.4	Welcome to Closing Bell overtime.
0:12.6	I'm Morgan Brennan with John Fort.
0:14.6	And we got more earnings coming your way this hour,
0:17.0	including key readings on the beaten down transports
0:19.8	from CSX and Night Swift, along with numbers from Intuitive Surgical, which warned in July
0:25.2	about the impact of weight loss drugs on some medical procedures.
0:28.5	That's a conversation we've been having here.
0:30.5	Plus, we'll talk exclusively with Fed Watcher Jim Grant about today's speech from
0:35.1	Chair Powell and the relentless March hire for interest rates. And we begin with
0:40.4	that speech from Fed Chair Powell. Let's bring in C. M. C. Senior Economics reporter Steve Lee with that's
0:45.0	with that speech from Fed Chair Powell let's bring in C. M. C. Senior economics reporter Steve Steve Leesman with the highlight Steve.
0:48.0	Hey John thanks. Yeah a Fed Chair Jay Powell offering a largely
0:52.0	call it a neutral speech on the outlook for rates. a federal
0:53.2	offering largely, call it a neutral speech on the outlook for rates,
0:55.0	suggesting the Fed could be on hold for a while here,
0:57.2	but warning that if the economy doesn't slow,
1:00.0	the Fed could go higher.
1:02.4	We are attentive to recent data showing the resilience of economic growth
1:06.3	and demand for labor.
	...

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