Closing Bell Overtime: Snowflake CEO On Regaining Momentum; Bessemer’s Byron Deeter On What’s Next For Software 11/21/24
Closing Bell
CNBC
4.4 • 139 Ratings
🗓️ 21 November 2024
⏱️ 43 minutes
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| 0:00.0 | Hekla mining company ringing the closing bell at the New York Stock Exchange and Mosson Infrastructure Group doing the honors at the NASDAQ. |
| 0:07.5 | A whoosh higher for the Dow and small caps and Bitcoin while the NASDAQ lags dragged by a big drop in alphabet. |
| 0:14.8 | That is the scorecard on Wall Street for the action is just getting started. |
| 0:18.4 | Welcome to closing bell overtime. I'm Morgan Brennan with John Ford. |
| 0:21.1 | And coming up this hour, earnings results from Gap, Rostores, Intuit, NetApp, and Elastic. I think |
| 0:27.2 | Intuit's already out. We're going through those. Plus, an exclusive interview with the CEO of |
| 0:31.1 | Intuit before he talks to analysts on the conference call. And accumulating gains shares a |
| 0:36.7 | snowflake exploding higher today by more |
| 0:39.4 | than 30%. He finished up almost 33%. After the earnings results, we brought you right here on overtime. |
| 0:45.8 | We will hear from the company CEO about what drove this standout quarter. But let's begin with |
| 0:50.8 | the market on a largely positive session with only two sectors finishing in the red for the S&P. Joining us now, Dan Skeli of Morgan Stanley Wealth Management and Dan I of |
| 1:00.1 | Fort Pitt Capital Group. We've got double Dan's here today. Welcome to you both. |
| 1:06.4 | And we did have a higher day, a higher close for all the major averages. So Dan Skelly, |
| 1:10.7 | I will start with you here because what's interesting to me is that despite some of the negativity in mega cap tech, most notably in alphabet, the fact that the markets did end the day higher. |
| 1:21.8 | And the equal weight S&P and the Russell 2000 in particular were strong. |
| 1:28.1 | Tells us what? |
| 1:32.6 | Well, it's great to be back with you first, Morgan, thanks for having me. |
| 1:38.1 | What it tells us is that there's a risk-on sentiment in the market where people are buying other industries, other sectors, and really that's been the trend prior to the election |
| 1:43.3 | and then gaining steam after the election. |
| 1:45.3 | So it's all of those value-oriented sectors like banks, like industrials. |
| 1:50.4 | And then even as you mentioned, going down the cap curve, we're seeing a lot of demand there. |
| 1:54.5 | As cash comes off the sidelines into what is, as you know, usually a very seasonally positive period. |
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