Closing Bell Overtime: Shift4 CEO On Consumer Trends; Retail Investor Mistakes With Janus Henderson Investments CEO 5/5/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 5 May 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Markets surged to end the week, but it wasn’t enough for the Dow and S&P 500 to close positive week-to-date. The Nasdaq eked out a green week. Crossmark Global’s Victoria Fernandez and PIMCO’s Tony Crescenzi broke down the week that was and the week ahead while Renaissance Macro’s Neil Dutta talked the Fed impact. GTIS Partners CIO Tom Shapiro discussed the regional bank turmoil and why investors are worried about the commercial real estate market. Shift4 CEO Jared Isaacman discussed consumer spending and summer trends, plus reacted to a recent short seller report targeting his company. Janus Henderson Investments CEO Ali Dibadj on the retail investor and client flows amid recent market volatility. CNH Industrial CEO Scott Wine talked the global demand picture and how agriculture and construction sectors are holding up.

Transcript

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0:00.0	Our first positive day for the markets in a week, a big rally today, but that's the
0:07.6	square car on Wall Street. The action's just getting started. Welcome to Closing Bell
0:10.8	overtime, I'm Morgan Brennan with John Fort coming up this hour.
0:14.0	We'll talk to Jared Isaacman, the billionaire astronaut CEO of Shift 4 payments
0:18.6	about the company's latest earnings report and his read on consumer spending.
0:22.4	Plus it's Friday and that means a lot of fun things, including we're awaiting the latest
0:28.0	data on bank balance sheets from the Fed, yes, which comes after another wild week for the regionals, which fell sharply, but recovered
0:36.4	some losses today.
0:38.1	Let's begin with today's rally.
0:39.6	Joining us now are Tony Kresensi from Pimco, and joining us here on set is Victoria Fernandez from
0:44.0	crossmark global investments. Welcome to you both.
0:47.3	Victoria I'll start with you. Big pop, big pop higher in the major averages.
0:52.8	You got the S&P up almost 2%,
0:54.8	the Nasak finishing up more than 2%, the Dow as well,
0:58.2	up 1.6%.
0:59.7	You saw some big moves in treasuries.
1:01.4	What do we attribute this to?
1:03.0	Well I think you have a combination of elements going on.
1:05.6	Apples earnings were good yesterday afternoon that's supportive of the market.
1:09.9	We had a labor report this morning that at initial site looked like it was going to be a
1:14.2	hot report then you go back and you look at the revisions and say wait a minute that
1:17.6	three month average that we have there has gone now from a peak of almost 400,000
	...

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