Late-Day Pop, The Case for Coinbase, World Bank’s Warning 1/10/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 10 January 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks gained steam in the final hour of trading, with the Nasdaq seeing the biggest gains. Former PIMCO Chief Economist Paul McCulley discusses the latest signals from Fed officials, including Chair Powell, and his outlook for inflation ahead of Thursday’s CPI report. Coinbase was a major winner after announcing a new round of layoffs. Richard Repetto from Piper Sandler makes the case for more upside in the crypto exchange. Meantime the World Bank released a fresh outlook for global growth, showing a sharp reduction from its last forecast. World Bank President David Malpass joins to break down that report. Plus the latest on airlines, Microsoft, and a potential healthcare deal for CVS. 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	Modest gains for the major averages after an up and down session as investors look ahead to inflation data
0:05.8	Thursday and bank earnings later this week. This is the make or break hour for your money.
0:10.3	Welcome everyone to Closing Bell I'm Sarah Eisen. Take a look at where we stand
0:13.6	broadly in the market. Higher on the Dow by about 90 points. High of the day was up 151,
0:19.3	but the low of the day was down 95 Visa, Goldman Sachs, and Amgen adding the most to the Dow.
0:24.5	The rally in the S&B 500 of 410s, it's being driven by communication services again.
0:29.4	Some of those media names bouncing back strongly today.
0:32.4	Tech is doing well.
0:33.8	Consumer discretionary as strong as Amazon
0:36.2	bounces back.
0:37.0	The NASDAQ higher by 7 tenths of 1%.
0:39.4	Though Tesla is sitting out the rally
0:41.2	and the 10-year Treasury note yield a little bit higher today on
0:43.6	the back of some Fed speak ahead of the inflation data 3.6 percent so selling a bond.
0:48.7	Check out shares of coin base moving higher today again after the company announced a big reduction in head count
0:54.7	we're going to talk about that move with an analyst who sees a lot more upside for
0:58.5	this stock. Also ahead on the show this hour a first on see and be see interview with World Bank President David Malpass
1:05.0	fresh off the World Bank's brand new forecast for global growth
1:09.0	showing a significant downward revision from previous estimates and warning of a recession.
1:15.0	Let's head over though first to the market dashboard to break down these moves.
1:18.0	Senior markets commentator Mike Santoli Mike what are you focused on?
1:22.0	Some gentle lift in the broad averages, Sarah,
	...

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