Closing Bell Overtime: Worst week of the year for stocks, ServiceNow CEO on software demand, Richard Haass on 1-year into Russia-Ukraine war 2/24/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 24 February 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closed out their worst week of the year on a sour note, as another inflation read came in hot. Needham’s Chris Retzler and Meghan Shue from Wilmington Trust break down the action and where they’re looking for opportunities. Afsaneh Beschloss from RockCreek explains why she’s forecasting a “choppy few months” ahead for stocks. ServiceNow CEO Bill McDermott gives his outlook for software spending following a brutal week for the tech space. Council on Foreign Relations President Richard Haass discusses the 1-year mark of the war in Ukraine, and the impact on the global economy. Plus a lookahead to the key reads on the consumer coming next week.

Transcript

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0:00.0	Thanks Scott that's it worst week of the year for the major averages this is a score
0:05.4	card on wall street but the action is just getting started welcome to closing
0:08.6	bell overtime I'm working Brennan with John Fort coming up on today's show. We'll break down the
0:14.0	selloff and the opportunities ahead with Rock Creek founder and former Carlisle
0:18.4	partner of Sena Beshlask. Plus we're going to discuss Tech's Rough Week
0:22.3	and the setup for software demand with
0:24.3	Service Now CEO Bill McDermott. But let's get straight into our market panel
0:29.5	joining us now are Chris Retzler from Needham and Megan Shoe from Wilmington Trust.
0:34.0	Good afternoon to you both.
0:35.6	Dow turned negative on the year as well.
0:37.4	We're starting to see this 2023 rally that got started a few weeks ago really begin to lose steam.
0:44.0	Megan, is this as good as it gets for stocks?
0:47.0	Well, I think in the short term, we could be in for more headwinds,
0:52.0	and our view is that the developments of the
0:55.0	last couple weeks pertaining to inflation are not encouraging.
0:58.3	Seeing C. P. P. P. P. I all start to get sticky at these levels rather than continuing that
1:08.1	straight line that I think the markets have been extrapolating and driving the markets higher for the first few weeks.
1:15.0	Also when you consider the revisions to CPI that occurred for 2022,
1:22.0	we're in a very different place than we thought we were at the end of
1:25.1	last year. So I think the market taking some of the edge off is necessary. I think
1:31.0	what's happening is interesting the stronger data doesn't necessarily put away the case for
1:38.4	recession I think it puts it off and I think in that case we're likely to see markets, trade at least range-bound,
	...

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