Closing Bell
Closing Bell Overtime: Top Analyst Unveils His New Top Big Tech Pick; What Today’s CPI Report Means For The Markets & The Fed 10/12/23
Oct 12, 2023
Former Fed Governor Frederic Mishkin analyzes today’s CPI report. Evercore’s Mark Mahaney unveils his new top big tech pick. HashiCorp CEO Dave McJannet talks the company’s new AI products. RBC analyst Gerard Cassidy previews bank earnings. CEOs and President Biden discuss the economy and infrastructure. Tech sector outlook and investing opportunities. The impact of wars and DC dysfunction on banks.
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Quick takeaways
- The rise in yields has a mixed impact on banks, affecting loans and unrealized bond losses, while long-term balance sheet growth is primarily driven by short-term rates.
- HashiCorp's CEO emphasizes their commitment to customers by announcing new AI features in their cloud platform, showcasing their dedication to supporting developers and leveraging AI technology.
Deep dives
CEOs remain cautious on the economy
The CEO confidence index fell to 46 in the fourth quarter, with 72% of CEOs preparing for a recession in the next 12-18 months. The rise in yields is a mixed bag for banks, impacting loans and unrealized bond losses. JP Morgan is the bellwether for bank earnings, but Wells Fargo is rated as a hold due to regulatory restrictions. The overall spending environment is shifting, but long-term secular trends remain positive.
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