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Closing Bell

Closing Bell: Overtime: Reacting To The Fed + Why Stocks Slid Into The Close 9/20/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 20 September 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

Stocks slid into the close, ending near session lows after Fed Chair Powell’s press conference. Jefferies’ David Zervos and BD8 Capital’s Barbara Doran break down the market retreat. Former CEA Chair Jason Furman and Evercore Vice Chairman Krishna Guha on the Fed’s decision and what it means for the rest of the year. Broughton Capital’s Donald Broughton reacts to FedEx earnings after the stock moved higher on strong EPS guidance. ServiceNow CEO Bill McDermott on its AI announcement. Seaport’s Kenneth Zener on KB Home’s earnings.

Transcript

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0:00.0

Boy, that's the store corner Wall Street.

0:03.2

The grade slipped right there into the closed session lows.

0:05.6

Winners stay late though.

0:06.6

Welcome to closing the overtime.

0:08.3

I'm John Ford back with Morgan Brennan on set here.

0:11.6

Coming up this hour for parsing through the Fed we will talk to

0:14.3

former Council of Economic Advisors chair Jason Furman and Eberkor

0:18.2

ISI Vice Chair Krishna Guha for their first reaction to chair Powell's comments.

0:23.0

Plus big name earnings are coming your way at this hour.

0:26.0

We've got another Fed, FedEx.

0:28.0

Also, K-B-home will bring you the numbers and analyst reaction to both of those names.

0:33.0

But first let's get to the market reaction to the Fed.

0:36.0

Stocks finishing at the lows of the day,

0:39.0

selling off during Chair Powell's news conference,

0:41.0

Mega Cap Tech getting particularly hard hit, Alphabet, Apple, Meta, and

0:46.1

Invidia among the worst performers.

0:48.1

Joining us now, BD8 capitals, Barb Duran and Jeffrey's chief market strategist David Zervos, our own Michael Santoli, with us as well.

0:57.0

My take away from the Fed today was no really higher for longer and I wonder if you think equity prices and bond yields,

1:09.1

I mean doing what they did though, you know a lot lot of this if they yet adequately reflect that

1:18.8

Hmm. Were you directing that to John, myself or Barbara?

1:23.8

I was asking Barb.

1:24.8

Oh, I'm sorry.

...

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