Closing Bell Overtime: Stocks Surged After Fed Pause; Jason Furman On What’s Next; DoorDash CEO On Strong Quarter And Consumer Spending 11/1/23

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 1 November 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks surged after Fed Chair Jay Powell’s press conference and the Fed held rates steady. Jefferies Chief Market Strategist David Zervos and BD8 Capital’s Barbara Doran break down the market action including earnings from Qualcomm, Airbnb, EA, DoorDash, Roku and Etsy. Former CEA Chair Jason Furman on the Fed and health of the economy. DoorDash CEO Tony Xu talks the latest quarter and consumer trends. Moor Insights & Strategy CEO Patrick Moorhead on Qualcomm’s earnings. Plus, outgoing BlackBerry CEO John Chen reflects on his tenure and what’s next.

Transcript

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0:00.0	Just off session highs,
0:02.0	as the Fed led rally as the S&P closes back above 4200,
0:05.1	tech leading the gains, yields falling.
0:07.4	That is the scorecard on this Fed day,
0:09.8	but the action's just getting started.
0:11.1	Welcome to Closing Bell overtime.
0:12.4	I'm Morgan Brennan
0:13.0	with John Fort. Yeah and dozens of earnings reports are hitting this hour
0:16.1	including numbers from Qualcomm and Super Micro along with household names like
0:20.2	Airbnb, E. A, PayPal, and DoorDash. We will bring you the highlights and an
0:25.0	exclusive interview with Door Dash, co-founder and CEO Tony Shoe before he talks to
0:29.8	Wall Street. Plus, former Council of Economic Advisors chair Jason Furman joins us
0:35.0	with his first reaction to the Fed decision and his read on the economy
0:39.1	ahead of Friday's jobs report. And now let's get straight to the market and the post-fed
0:43.9	reaction. Stocks gained steam during Chair Powell's news conference. Ten year
0:48.0	Treasury yields pulled back sharply, tech and communication services led the
0:52.4	gains.
0:53.0	Senior market commentator Mike Santoli joins us now.
0:56.5	Mike, we're above 4200 on the S&P now.
1:00.7	Is this momentum?
1:02.8	It's the start of it, John, and potentially.
1:04.4	What we've done is recaptured the ground lost in the S&P from when the mega cap earnings
	...

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