Closing Bell: Stock losses accelerate, Optimism from Pepsico in Davos, Microsoft cuts 10,000 jobs 1/18/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 18 January 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks pulled back sharply in Wednesday trading as investors digested a batch of economic data and the latest signals from the Fed’s Beige Book. Bespoke’s Paul Hickey weighs in on the “soft landing” debate and what he sees in the market right now. Barbara Doran from BD8 Capital Partners breaks down where she sees opportunities. Sara sits down with the CEOs of Pepsico and ServiceNow at the World Economic Forum in Davos, where they struck an optimistic tone about the business environment. Plus the latest on Microsoft’s job cuts, retail sales, and Moderna’s RSV vaccine. 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	Stocks pulling back sharply today with indexes not far from their session lows,
0:06.8	the NASDAQ on track to snap a seven-day winning streak.
0:10.0	This is the make-or-break hour for your money.
0:12.0	Welcome to Closing Bell.
0:13.2	I'm Mike Santoli.
0:14.2	Sarah Eisen is at the World Economic Forum
0:16.4	in Davos, Switzerland.
0:18.0	Take a look at where the market stand right now.
0:19.7	1% losses just about on the S&P 500, a little more than that as well as on the
0:25.0	Dow Jones industrial average.
0:26.3	Nas that's still slightly outperforming.
0:28.4	We got yields down.
0:29.4	You see that 10-year Treasury note there, really making new lows below 3.4% on some weaker
0:35.0	economic data Russell 2000 in line with the S&P at the moment. Check out the
0:39.7	S&P sector heat map at this hour. Pretty much everything well absolutely everything and
0:43.3	pretty much everything well absolutely everything is red right now although interestingly
0:47.2	consumer discretionary is not really the locus of the weakness it's actually
0:52.1	outperforming slightly even though
0:53.6	weaker retail sales was one of the reasons we are down today but communication
0:58.0	services and basic materials material's been a strong group giving some back today
1:02.4	coming up on the show signs of optimism Materials been a strong group giving some back today.
1:02.6	Coming up on the show, signs of optimism from Davos,
	...

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