Closing Bell: Trading Mixed Messages? 3/23/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 23 March 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Investors are struggling to sort of the likely economic toll of the banking crisis – are Yellen and Powell sending mixed messages to the market? Our all-star panel of Joe Terranova of Virtus, BNY Mellon Wealth Management’s Alicia Levine and Greg Branch of Veritas Financial Group break down their forecast for the market. Plus, Jefferies analyst Trevor Williams explains what’s at stake for Block after Hindenburg Research announced it was adding the company to its short list. And, BTIG’s Jonathan Krinsky drills down on the key levels to watch – and why investors may not want to trust the bounce in stocks.

Transcript

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0:00.0	And we start with that breaking news coming out of Washington moments from now.
0:05.2	Treasury Secretary Janet Yellen will be testifying before the House Subcommittee on
0:09.3	Financial Services. She'll be speaking on the 2024 budget and overall economic outlook.
0:14.0	We'll be monitoring that and bring you any headlines as they cross.
0:17.0	Remember comments by yelling in Congress yesterday did spook the market with regard to bank deposit policies.
0:22.0	Welcome to Closing Bell, I'm Mike Santoli. did spook the market with regard to bank deposit policies.
0:22.8	Welcome to Closing Bell, I'm Mike Santoli in for Scott Wopner.
0:26.2	Well, a rebound attempt in the market from yesterday's post-fed sell-off
0:30.0	that was led by Big Tech in the morning.
0:31.5	It has fizzled as persistent financial stability worries
0:34.5	drag down bank stocks and treasury yields
0:37.1	and then the broad indexes.
0:39.0	You see the S.P. 500, just that,
0:41.5	barely bouncing back up to a positive return in the last few seconds.
0:45.0	That leads us to our talk of the tape as investors struggle to sort out the likely economic
0:49.7	toll of the banking crisis are yelling and Powell sending mixed messages to the market.
0:54.7	With us now Joe Terra Nova, C. ABC Contributor and Senior Managing Director of Verdes Investment
0:58.9	Partners and Alicia Levine, BNYMellon, Wealth Management, Head of Investment Strategy and Equity Advisory
1:04.7	Solutions.
1:05.7	Welcome to you both.
1:07.5	You know, we have to bridge the D.C. to Wall Street divide here a little bit I think and really just talk about the whole
1:15.8	collective of what Powell did yesterday, what Powell said yesterday, what Treasury and Congress
	...

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