Closing Bell: Stocks pull back, CVS CEO on multi-billion dollar deal, Under Armour founder on inventory, Bard’s Blunder 2/8/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 8 February 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks pulled back in Wednesday trading amid more earnings and concerns around the Fed’s rate hike path. CME CEO Terry Duffy breaks down the trading environment and the signals he sees from chair Powell. CVS CEO Karen Lynch joins for an exclusive interview on the back of earnings and a multi-billion dollar deal for Oak Street Health. Under Armour founder Kevin Plank and interim CEO Colin Browne discuss earnings and inventory issues. Plus the latest on Uber’s pop, a hiccup around Activision’s deal with Microsoft, and Bard’s blunder that sent shares of Alphabet lower.

Transcript

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0:00.0	Stocks pulling back today with the Nasdaq seeing the sharpest decline.
0:03.4	It's down now around 1.5% as we head into this final hour of trading.
0:08.0	This is the make or break hour for your money.
0:09.8	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:12.2	Take a look at where we stand overall in the market.
0:14.6	We're lower by about a percent on the S&P 500.
0:16.7	Every sector is down right now.
0:18.8	What's getting hit the hardest technology
0:21.0	and utilities at the bottom of the market, consumer discretionary,
0:24.0	consumer staples right down there with it. The Nasdek in the eye of the storm,
0:28.3	Alphabet Apple, Amazon, Meta, and Costco are the biggest weights there.
0:32.0	Tesla is actually having a good day.
0:35.0	It's relative outperformer.
0:36.0	And the Dow is down about half a percent,
0:39.0	165 points, Home Depot, McDonald's, and Honeywell,
0:41.0	the biggest losers on the Dow.
0:42.0	Check out our chart of the day, and that would be alphabet. McDonald's and Honeywell, the biggest losers on the Dow.
0:42.6	Check out our chart of the day, and that would be Alphabet.
0:45.4	Falling sharply after the company held an event showing off its AI technology,
0:49.7	we'll talk more about that move in just a bit, down 7.4% right now. Also ahead on the show,
0:54.7	we've got a great lineup of executives for you to break down their latest earnings
0:57.9	and what they're seeing in this economy. We'll talk to CME Group CEO,
	...

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