Closing Bell Overtime: Why A Recession Could Boost Stocks; Databricks CEO Ali Ghodsi 10/23/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 23 October 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

A volatile session for the markets today. Wilmington Trust EVP’s Meghan Shue and Barcalys Head of US Equity Strategy Venu Krishna break down the market action. Melius’ Head of Technology Research Ben Melius previews tomorrow’s big tech reports from Alphabet and Microsoft, plus a late-day report from Reuters on Nvidia partnering with Arm to make PC chips. Jon sits down with Databricks CEO Ali Ghodsi. Citi’s Scott Chronert makes the case for why a recession could actually boost equity prices. Plus, Marqeta CEO on consumer health and a new deal the company signed for a credit card platform.

Transcript

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0:00.0	We were up, down, stocks finishing the day mixed after the 10-year
0:05.6	Treasury yield hit a fresh 16-week high with 16-year high and then
0:10.0	retreated dramatically today. That's a scorecard on Wall Street but the
0:12.8	actions just getting started. Welcome to Closing Bell overtime. I'm Morgan Brennan
0:15.8	with John Fort. Yeah the the streak is broken on Mondays for the S&P at least.
0:20.8	Coming up this hour, City Equity Strategist Scott Cronert
0:24.6	is sounding the recession alarm but says it might not necessarily be a bad thing
0:28.8	for stocks. He's going to join us to explain why.
0:31.1	And we're getting you set for a huge week of
0:33.8	earnings. Today we'll get Cleveland Cliffs. Tomorrow brings big tech with
0:37.6	alphabet, Microsoft, and more. We'll break down the key factors to watch in
0:41.0	this crucial week for the market.
0:43.2	Let's get straight to the market action.
0:45.4	It was a busy Monday.
0:46.2	Stocks climbing out of an early hole, but closing well off their best levels of the day.
0:51.8	The Nasdaq is the only major index, well out of the three, the notch gains.
0:56.7	The early pressure came as yields on the 10 year rose again above 5% before retreating calm services leading to the upside while energy
1:06.2	pulled back even after a monster deal between Chevron and Hess.
1:11.3	Mike, your R. CNBC senior markets comment
1:15.0	commentator, what do you think?
1:17.3	You know, you mentioned this streak that was broken.
1:19.0	We've been up 15 Mondays in a row
	...

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