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Closing Bell

Closing Bell Overtime: Stocks Soar To End Week; Under-The-Radar AI Play From JPMorgan 5/3/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 3 May 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

A strong session for stocks send the averages to a positive week; 3Fourteen Research’s Warren Pies and Unlimited Funds CIO Bob Elliott break down the wild week of earnings and what’s ahead for next week. Well-known JPMorgan analyst Stephen Tusa talks his bullishness on an under-the-radar AI play. Apollo Chief Economist Torsten Slok on the Fed’s next move. Plus, Bill Holdings CEO on earnings and the state of small business.

Transcript

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0:00.0

A softer jobs print, boosting hopes for a fed rate cut and sending stocks sharply higher to end the week.

0:08.1

That is a scorecard on Wall Street, but winners stay late.

0:10.8

Welcome to Closen Bell overtime. I'm'm John Fort Morgan Brennan is off today and

0:14.8

coming up this hour economist Torston Sloc weighs in on today's jobs number and gives a bold

0:20.0

prediction about when the Fed could cut.

0:23.1

And what's next for Apple

0:24.4

after a massive buyback and a post-earnings pop?

0:27.4

But we will talk to an analyst who says

0:29.1

there's a lot more upside ahead

0:31.0

for what he calls the Cupertino Colossus. We begin with the market and a strong day for the

0:36.2

Bulls sparked by that soft jobs print. Today's action pushing the S&P back into positive territory for the week,

0:44.3

completing a round trip for the index

0:46.8

after a big drop on Tuesday,

0:48.2

followed by a Fed-fueled rally on Wednesday.

0:50.8

You see it there, it's like literally ending the week with a

0:53.1

W that chart it's like a it's like a W joining us now is 314 research

0:58.2

co-founder Warren Pies and unlimited CEO and CIO Bob Elliot guys happy Friday. Bob we had tough

1:05.8

macaron news that's keeping yields high and pressuring stocks and then decent

1:10.4

earnings boosting some stocks and now good macro news so what do you say what

1:15.9

is it what does it look like to you from here? I think a lot of the key themes from the

1:20.3

macro perspective that have been in place for the last few months are still firmly in place.

1:25.2

I mean the employment report still showed you know 175,000 jobs.

...

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