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Closing Bell

Closing Bell Overtime: What Is The AI Upside In Amazon’s Stock? With Mark Mahaney; Plus Former Atlanta Fed President On June’s Light Jobs Report 7/7/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 7 July 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Averages close near session lows and notch their second negative week in the past three. BD8 Capital Partners’ Barbara Doran and Crossmark’s Bob Doll break down the market action. Evercore’s Mark Mahaney on the potential stock upside for Amazon with AI. Former Atlanta Fed President Dennis Lockhart on today’s lighter-than-expected jobs report and looks ahead to next week’s bank earnings. Plus, EQT Exeter CEO Ward Fitzgerald on opportunities in industrial real estate and closing its latest fund.

Transcript

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0:00.0

Well that's your scorecard on Wall Street for the first week of the second half but winter stay late welcome to closing down overtime

0:06.2

I am John Ford back at headquarters with Morgan Brennan and ahead on today's show the muddled picture for jobs. Former Atlanta Fed President Dennis Lockhart,

0:15.2

it's going to join us to weigh in on the Fed's next move

0:17.7

in line of a huge beat for ADP,

0:19.2

but a much cooler June jobs report.

0:21.5

Plus, we'll get you ready for bank earnings, which kick off next week as J.P.

0:25.2

Morgan City and Wells Fargo all gear up for results.

0:28.0

First, let's get to our market panel.

0:30.0

Joining us now is BD8 Capital, Partners,IO Barbara Duran and crossmark global investment

0:35.8

CIO Bob Dahl. Happy Friday guys. Barbara, it seemed a little scary there maybe yesterday when ADP came out and like good news is bad news again

0:48.2

But then we got sort of like pretty good news today and things seem to have stabilized. What more do we need to know,

0:57.5

maybe from bank earnings, maybe from other metrics to know how to invest from here.

1:03.0

Yeah, yeah, now John, it's pretty surprising after that ADP number, I think people had up their

1:08.0

estimates, you know, for what would happen in terms of job

1:15.0

openings, openings that's coming down.

1:17.0

There are fewer job openings, there are more supply of workers.

1:21.0

So that looks like things are slowing down on the other hand you know you've got

1:24.7

strong wages even though it's moderating you've got strong job growth you saw the

1:28.6

unemployment number is still at 3.6 percent and so you've got a very interesting mix here in terms of what's happening

1:35.8

with the economy. I think what it means you know the fit is encouraging and the

1:39.9

inflation is still a little bit stubborn and I think the Fed is going to have to

1:43.2

stay high for longer and that's going to mean you know a push out in terms of

...

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