Closing Bell Overtime: What To Make Of The Fed’s Hawkish Pause; What To Make Of CAVA’s IPO 6/14/23

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 14 June 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks rebounded during Fed Chair Jay Powell’s press conference after falling on the news of the Fed’s “hawkish pause.” Jefferies’ David Zervos breaks down the market action. Former CEA Chair Jason Furman and Former Fed Governor Frederic Mishkin discuss the Fed’s path forward and if a “soft landing” is still possible. Evercore’s Mark Mahaney talks new EU tech regulation and what the Fed’s latest moves mean for tech stocks. GTIS Partners’ Tom Shaprio reacts to Lennar earnings and why the homebuilder sector is still strong. Our Leslie Picker on CAVA’s pricing ahead of tomorrow’s IPO. Eventbrite CEO Julia Hartz talks the state of spending on experiences going into the summer. UBS Global Wealth Management’s Jason Draho on where big money is positioned.

Transcript

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0:00.0	Hawish Pause by the Fed, sending the S&P on a roller coaster round trip ride back to the flat line.
0:07.1	Looks like we're closing just above the flat line.
0:09.5	That's the scorecard on Wall Street, but the action is just getting started.
0:12.2	Welcome to Closing Bell overtime.
0:13.9	I'm Wergen Brennan at C.M.
0:15.4	Headquarters.
0:16.4	And I'm John Forte in San Francisco.
0:19.5	Coming up this hour, first reaction to the Fed.
0:21.8	We're going to hear from former federal
0:23.3	governor Frederick Michigan and former council of economic advisors chair
0:27.7	Jason Furman on their reads on Chair Powell's comments and if they think
0:32.0	there are indeed more hikes in the cards.
0:35.0	Plus we are awaiting breaking earnings from home builder Lenar this hour and we're also
0:40.3	on watch for Caba's IPO pricing ahead of tomorrow's public market debut.
0:45.0	But first, market reaction to the Fed's hawkish pause,
0:48.0	which sent the averages lower initially before a rebound during Chair pal's press conference.
0:52.8	Joining us now is Jeffrey's chief market strategist David Zervos.
0:56.3	David always great to have you on a day like today.
0:59.4	I mean the fact that the S&P ended at 4372, basically flat with where we started the day.
1:05.0	Even as we did see Treasury yields jump higher in the midst of all of the commentary from
1:11.0	Powell, your takeaway.
1:12.0	Yeah, Morgan, we got a... of the commentary from Powell your takeaway.
	...

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