Closing Bell: Powell sends market on rollercoaster ride, Clarida reacts, Chegg CEO on share plunge 2/7/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 7 February 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

: The major averages took a rollercoaster ride mid-session as Wall Street reacted to comments from Fed Chair Powell at the Economic Club of Washington. Former Fed Vice Chairman Richard Clarida joins to break down the messaging and to share his expectations for rate policy for the rest of the year. Shares of Chegg were in detention after the ed-tech company gave light revenue guidance. CEO Dan Rosensweig discusses what analysts might be missing in the outlook. Citi’s Jim Suva talks about Apple’s prospects in the growing A.I. race, as Microsoft unveils how it will integrate ChatGPT into search. Plus the latest on a pop for Zoom, and a potential healthcare deal in the works. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	The process, the process of getting inflation down, has begun and it's begun in the
0:06.1	goods sector which is about a quarter of our economy. But it has a long way to go. These are the very
0:11.3	early stages of disinflation.
0:14.0	Comments from Fed Share Powell
0:17.2	help boost the market mid-session lifting the dowel back from a triple-digit
0:20.5	loss but then stocks pulled back again after he said this.
0:25.0	The reality is we're going to react to the data so if we continue to get for example
0:29.3	strong labor market reports or higher inflation reports, it may well be the case that we have to do
0:37.0	more in race hikes more than is priced in.
0:41.0	But we rallied back off the lows and the major averages are all in positive territory as we head toward the close.
0:46.0	We'll help you make sense of the roller coaster session.
0:48.0	This is the make or break hour for your money.
0:50.0	Welcome everyone to Closing Bell. I'm Sarah Eis and there's the Dow
0:53.2	up 207 points. High of the day was up 278, but again low of the day was down
0:57.6	almost 260. S&P 500 with a nice 1% gain technologies in the lead.
1:02.9	That's the sector that's most whipsod by Fed comments.
1:06.0	You do have some weakness today in the defensive groups
1:08.2	like consumer staples and utilities and real estate.
1:10.5	They're all lower, so as consumer discretionary the banks are
1:13.2	rallying more than 1% the NASDAQ is up 1.4% and you are seeing a lot of the big
1:19.0	tech names leading the way for this Nastec rally right now.
1:22.5	Check out shares of Microsoft getting a lift today
	...

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