Closing Bell Overtime: Rare Interview with Former Yahoo CEO Marissa Mayer and Stocks Surge After Banks Rescue First Republic 3/16/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 16 March 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

All three major averages were well into the green today and the Nasdaq is now up over 5% on the week. Vital Knowledge’s Adam Crisafulli gives his take on the action while Broughton Capital’s Donald Broughton reacts to FedEx’s strong quarter as the stock surged in after-hours trading. Plus, is a recession in the cards? Citi’s Scott Chronert and Sumit Handa of Pennington Partners debate where stocks go next. Jon Fortt had a rare interview with Sunshine Co-founder and former Yahoo CEO Marissa Mayer. She shared who will win the race for AI dominance, plus what she thought when she hired Sundar Pichai at Google. GTIS CIO Tom Shapiro joins to talk what clues the commercial real estate market might hold for investors. Finally, Virgin Orbit stock fell sharply after pausing operations and furloughing staff for a week as it seeks more funding. Morgan Brennan reports on what’s next for the company.

Transcript

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0:00.0	Another day of big market moves with a rally into the close here that is a
0:05.8	scorecard on Wall Street but the action is just getting started
0:09.2	welcome to a closing bell overtime. I'm Morgan Brennan with John Fort
0:12.2	we're just moments away from a key
0:14.0	barometer of the economy, the global economy, when we get earnings results from FedEx,
0:18.0	we'll bring you the full analysis of those numbers. And later a rare conversation
0:22.4	with Marissa Meyer, former Yahoo CEO,
0:25.0	earlier Google employee, current co-founder of Sunshine on the CVB Collapse, the Big Tech
0:30.8	AI race, and much more.
0:33.2	I am looking forward to that.
0:35.2	Now let's get straight to the market action and today's strong rally with our first
0:38.9	guest Adam Chris O'Foulli from Vital Knowledge.
0:42.0	Adam, should we just ignore all of this turbulence with the banks and pay attention to what's
0:48.8	happening with the mega caps or what?
0:50.6	No, I mean, you can't ignore the banks.
0:53.5	It's the most important sector of the whole market.
0:55.8	It's really foundational for everything.
0:57.2	It drives the economy.
0:58.9	So what happens starting last week is certainly very important.
1:01.5	It's probably going to have some effect on psychology, if not actual underlying growth going forward.
1:07.0	But I think if you kind of look back over the last few days between what was announced Sunday night with the new Fed facility, what was announced
1:14.1	overnight with Credit Suisse and then what was announced about an hour ago with the $30 billion
	...

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