Closing Bell: Stocks fall to start the week, C3.AI CEO on the AI boom, Ballooning tensions with China 2/6/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 6 February 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks fell to start the week, but closed well off the worst levels of the session, as investors await a number of big earnings and a key speech from Fed chair Powell on Tuesday. The Nasdaq saw the sharpest declines, finishing lower by around 1%. Toni Sacconaghi from Bernstein and David Rolfe from Wedgewood Partners discuss the prospect of a lost decade for tech investors. The CEO of C3.AI talks about his stock’s huge run amid the buzz surrounding AI and ChatGPT. Anna Ashton from Eurasia Group breaks down the implications of the US’s decision to shoot down a suspected Chinese spy balloon. Plus the latest on big pullbacks for RH and Tyson Foods, and the buzz surrounding a drug side-effect dubbed “Ozempic face.”

Transcript

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0:00.0	Stocks starting the day lower but firming up a bit throughout the session the
0:05.8	Dower racing most of a triple-digit loss as investors await more earnings
0:10.0	and a speech tomorrow from Fed Chair Powell this is the make-or-break hour for
0:13.9	your money. Welcome to Closing Bell. I'm Mike Santoli in for Sarah Eisen.
0:17.6	Here's where things stand in the market. The S&P 500 has been sitting around this
0:21.8	half percent decline most of the day.
0:24.5	You see the Russell 2000 has actually got worse of it.
0:27.8	Down 1.4 percent that has been one of the big out performers going into today.
0:31.7	The S&P about 2 percent below the highs of last week.
0:34.3	10 year no yield on the rise. All the yields are 3.63% after that strong Friday job
0:40.0	support. And here's a look at the biggest decliners today in the NASDAQ 100
0:45.1	Activision Blizzard on the downside. Bid some concerns about the gaming
0:49.1	industry earnings Micron Intel, chips giving back some of the recent gains
0:52.4	as well as SeriousXM and PayPal
0:54.4	Holdings on the bottom of the NASDAQ 100. Coming up on today's show, we'll talk
1:00.0	to the CEO of C3 AI, which is up triple digits on the year amid the global buzz around
1:06.3	artificial intelligence and chat gPT.
1:10.1	Take a look here though at the broader market.
1:12.6	S&P 500 as I mentioned about 2% below the highs for this rally
1:16.8	which was right just below the 4200 mark last week.
1:21.8	Did get some hesitation after that hot jobs number yields on the rise and people
1:26.8	liking the general formation here of some kind of a base that the fact that we got really good breath readings,
	...

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