Willing to Overshoot, Moderna's CEO On Vaccine Pricing & Getting Smoked 1/9/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 9 January 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closing well off session highs after Atlanta Fed President Raphael Bostic said the Fed is willing to overshoot. Citi Private Bank Global Head Ida Liu says investors need to buckle up for more volatility, but reveals where she does see buying opportunities right now. Shares of Lululemon plunging after issuing a gross margins warning & Macy's selling off on a sales warning. Former Macy's CEO Terry Lundgren discusses whether retailers are starting to see cracks in consumer spending. Moderna CEO Stephane Bancel discusses his new Covid vaccine pricing strategy for when its government contract ends. And Tilray CEO Irwin Simon discusses the cannabis company's big revenue miss and whether there is any hope for a marijuana legalization bill in Congress now that the House is controlled by the GOP. 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	The Fed is willing to overshoot those words from the Atlanta Fed President
0:04.2	Raphael Bostek cutting into today's rally. This is the make or break hour for
0:08.2	your money. Welcome everyone to Closing Bell, I'm Sarah Eis and take a look at
0:11.3	where we stand broadly in the market.
0:13.6	At the highs of the day we were up 304 points.
0:16.0	We're now negative on the doubt, just about 74 points or so.
0:19.0	S&P 500 is up 2 tense.
0:21.2	Technology is leading today. The growth stocks,
0:24.1	Invidia is up. A. M. D. Salesforce. That's what's carrying the market
0:27.7	higher today. That's why the NASDAQ is up more. It's up a full percentage
0:31.4	point. What's lagging?
0:33.0	Health care, which has been defensive all year long,
0:35.6	lagging on the back of this J.P. Morgan health care
0:37.5	conference.
0:38.0	We're going to check in there in just a bit.
0:39.7	But overall, the tenure yield lower, 3.5%. so bonds are getting a bid today as well.
0:45.7	Look at tech stocks.
0:46.7	We just want to dive deeper because they are the big winners today.
0:48.9	Chip stocks in particular after Wells Fargo naming AMD and NVIDIA the top 2023 picks saying the
0:54.9	semis could hit a bottom during the first half of the year. Coming up on the
0:58.9	show today the global head of Citigroup private bank on the market strategy she is giving to her ultra high net worth
1:04.6	clients Ida Lou. Plus a first on cambeci interview with the CEO of Moderna live
	...

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