Closing Bell: Strong GDP boosts sentiment, Tesla drives a Nasdaq rally, Diageo buzzkill 1/26/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 26 January 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks rallied after GDP came in above expectations, giving a boost to investor sentiment, while the Nasdaq surged on strong Tesla earnings. Council of Economic Advisers Chair Cecilia Rouse joins to weigh on the state of the economy and inflation, and how that meshes with the recent wave of tech layoffs. Rouse also discusses news that Chevron is undertaking a $75 billion buyback, and how the White House views that use of capital. Meantime shares of spirits-maker Diageo fell on concerns about North American growth. CEO Ivan Menezes joins with his read on the US consumer and the boom in tequila. Plus the latest on Nike, IBM, and Southwest’s big hit from its holiday disruptions. 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 moving higher as stronger than expected GDP boost sentiment with the
0:04.4	Nasdaq getting an extra lift from Tesla solid results. This is a make or
0:08.1	break hour for your money. Welcome everyone to Closing Bell. I'm Sarah Eisen.
0:12.2	Take a look at where we stand.
0:13.0	There's the Nasdaq up a nice 1.3%.
0:15.8	Thank you to Tesla for that one.
0:17.5	The down's up about 130 points.
0:19.7	High of a day was 177.
0:22.0	S&P 500 is up 8 tenths of 1% energy is the leading sector today
0:26.4	after that Chevron buyback that was announced we'll talk more about that of
0:29.9	course. Consumer discretionary communication services, technology, all leading sectors.
0:34.0	In fact, you've got most of the sectors green right now.
0:36.0	What's lagging?
0:37.0	Consumer stifles and health care, so two defensive groups.
0:40.2	And again, the NASDAQ in the lead up 1.3%.
0:42.9	Thank you, Tesla, Microsoft, Apple, Meta, Amazon.
0:45.2	They're all higher today.
0:46.5	Look at Tesla in particular because it is adding to strong gains so far this year,
0:50.7	following record revenues and earning the top Wall Street estimates.
0:54.0	We're going to talk more about it later in the show.
0:56.6	Also ahead this hour, Council of Economic Advisors Chair,
0:59.8	Cecilia Rouse joins us to talk about today's GDP print, plus the White House's response to
	...

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