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Closing Bell

Closing Bell Overtime: The Fed cut debate, Shake Shack CEO on the consumer, Intuit CEO on small business 9/17/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 17 September 2024

⏱️ 44 minutes

🧾️ Download transcript

Summary

The S&P 500 touched an intraday record the day before the Fed decision, where Wall Street is split on whether to expect a 25 or 50-basis-point cut. RBC’s Lori Calvasina, Vital Knowledge’s Adam Crisafulli, and Neuberger Berman’s Joe Amato all weigh in on their expectations and how the Fed could change the narrative. Shake Shack’s CEO Rob Lynch joins for his first interview since taking the helm at the company in May, with his read on consumer spending and Shake Shack’s place in the value menu wars. Plus Intuit’s CEO on the company’s new enterprise tools, Coursera’s CEO on the parts of the world benefitting from AI, and an update on Elliott’s activist battle with Southwest.

Transcript

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0:00.0

That bell marks the end of regulation, MSCI, ringing the closing bell at the New York Stock Exchange,

0:04.7

Verona Pharma doing the honors at the NASDAQ, and stocks trading in a pretty tight range as the Fed meeting gets

0:10.4

underway, though the S&P 500 did kiss an intraday record and small caps the

0:16.0

Russell saw some decent gains that is a scorecard on Wall Street but

0:19.0

winter stay late welcome to close the bell overtime I'm John Fort

0:21.8

with Morgan Brennan.

0:22.7

It was like a peck on the cheek.

0:24.1

Well coming up on today's show, Shake Shack's new CEO Rob Lynch

0:28.2

joins us to break down today's retail sales data and his read on the consumer

0:31.8

in his first interview since taking that job in May.

0:34.8

Plus the CEO of Intuit talks to us exclusively about the company's just announced

0:39.5

Enterprise Suite. sweet and will the Fed go for a 50 basis point cut tomorrow while New Burger

0:44.7

Berman president Joe Mato weighs in on the big debate of the moment.

0:48.9

Now let's get to our market panel Lori Kavasina of RBC Capital Markets, and Adam Kresophuia of vital knowledge.

0:55.7

Guys, welcome, Lori. Small caps outperformed today, but you say investors shouldn't get used

1:00.3

to that?

1:01.3

Look, I think that small caps already have a lot of good news baked in.

1:06.0

And if you look at valuations, they're basically back to average.

1:09.0

If you look at positioning, we're basically back to the three-year highs where the small cap out performance trade has topped out in the recent past.

1:15.0

So we're optimistic that we will get a broadening out in the market.

1:19.0

We will see small caps do well on a relative basis, but I think that's more of a longer-term call.

1:24.0

I think for the here and now, what we're concerned about is that an environment where we're constantly

...

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