Closing Bell Overtime: What Bank Earnings Say About The Economy; New Stakes In The Search Engine Arms Race 04/17/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 17 April 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Averages finished at session highs today, closing in the green. JPMorgan’s Phil Camporeale and Fidelity’s Jurrien Timmer break down what to expect ahead of this busy week of earnings. Our Steve Kovach discusses what’s at stake in the AI search wars after Alphabet shares dropped on a report Samsung may turn to Bing for its default engine. Argus Research’s Stephen Biggar on what bank earnings have revealed so far and what name is best positioned going forward. It’s been four straight weeks of gains for oil; Sadad Al-Husseini on what’s driving the move higher and where the price is headed for the rest of 2023. Meanwhile, Moderna stock fell despite some promising cancer vaccine data. Wells Fargo analyst Mohit Bansal on why there is a disconnect between the excitement companies are feeling and how investors are reacting. Plus, Deepwater’s Gene Munster on what to watch in Netflix’s earnings report tomorrow.

Transcript

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0:00.0	A little burst of buying here in the final moments of the trading session with all the major averages ending the day higher.
0:09.4	That is the scorecard on Wall Street, but the action is just getting started.
0:12.8	Welcome to closing bell overtime.
0:14.1	I'm Morgan Brennan with John Fort.
0:16.2	Coming up this hour, we're going to talk to Hosseini Energy
0:19.2	founder, Sadad al-Husseini, as oil comes off its fourth straight week of games.
0:23.7	Plus we are 24 hours away from the kickoff of Feng earning seasons with Netflix gearing up for
0:29.7	results tomorrow after the bell.
0:31.9	We're going to preview what to expect with Deep
0:33.9	Waters Gene Munster. Let's get straight to our market panel as stocks do go out at the
0:38.6	highest of the day. Joining us now, Phil Kempb Riali from J.P. Morgan Asset
0:42.3	Management and Uran Timmer from Fidelity Investments.
0:45.0	Good afternoon to you both.
0:46.2	Phil, you're here on set with us.
0:48.0	Give me your take on this little bit of activity, positive activity we saw to kick off the start of the week.
0:56.1	So I think the market is waking up to over the past week or so that the window for a hard landing
1:01.9	this year is closing very fast.
1:04.1	Because what do you need for a hard landing to occur?
1:06.3	You need obviously chaotic deposit outflow from that regional bank story that we feared
1:11.2	about three weeks ago.
1:12.8	Actually, we saw small bank deposits up
1:16.0	the last week for the first time since Silicon Valley failure.
	...

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