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Closing Bell

Closing Bell Overtime: Stocks Sink, Norfolk Southern's CEO On Train Derailment & Coinbase Earnings 2/21/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 21 February 2023

⏱️ 47 minutes

🧾️ Download transcript

Summary

Stocks selling off on Wall Street as the major averages post their worst day of the year. Investors are worriedabout higher interest rates and new concerns about consumer spending. JPMorgan Chief Global Market Strategist Marko Kolanovic reacts to the big market sell off and whether he thinks more trouble could be ahead for stocks. Coinbase shares volatile after reporting better than expected quarterly results. Mizuho analyst Dan Dolev reacts to the report. And the CEO of Norfolk Southern discusses the catastrophic train derailment in Ohio.

Transcript

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0:00.0

All right, ugly day on Wall Street, but winter stay late.

0:03.0

Welcome to Closing Bell Overtime, I'm John Ford, along with Morgan-Bretton.

0:07.4

We've got key earnings reports coming your way, including results from Coinbase,

0:11.3

Pilot Alto Networks, and Toll Brothers.

0:13.4

Plus, J.P. Morgan, chief market strategist Marco Kalanovik,

0:17.4

who's going to join us to break down this ugly day

0:19.9

for the Bulls, the worst so far this year, and whether there's more pain to come.

0:25.4

And later, a first on C. M.C. interview with the CEO of Norfolk Southern.

0:30.3

This after this month's train derailment and subsequent chemical release in East Palestine, Ohio.

0:35.3

This is his first town, first sit-down interview since that happened back on February 3rd.

0:40.4

And that is the interview of the day and you bring it to the hour on our very first day.

0:45.4

I love it.

0:46.4

I love it.

0:47.4

Let's get straight to today's sell-off with our market panel.

0:49.8

Joining us now are I-capital's Anastasia Omeroso and Charlie

0:53.6

Berbrinzkoi from aerial investments.

0:56.0

Anastasia, you don't think we're going to see a violent correction

1:00.7

despite what we saw today.

1:02.1

Maybe another 100 points on the S&P, I think you're

1:04.8

saying to 3,900. Why not, especially given how Teppid both Home Depot and Walmart were

1:11.2

this morning on the consumer.

1:12.6

Sure, John.

...

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