Closing Bell: 3-Day Losing Streak, Underpricing a Recession & National Economic Council Director on Inflation 8/30/22

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 30 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks falling for a third straight day over concerns the Federal Reserve will continue raising interest rates in order to fight inflation. National Economic Council Director Brian Deese discusses how fast inflation could come down from here and why the White House expects the rate of job growth to cool in the months ahead. Marathon Asset Management Founder Bruce Richards says the market is underpricing a recession and thinks there is a lot more downside ahead. He reveals the sectors he believes will outperform during a recession. BD8 Capital CEO Barbara Doran explains why she thinks the market is setting itself up for a rally this fall and unveils the stocks that could lead the charge. Brookings Institution's Michael O'Hanlon on how increasing tensions between China & Taiwan could impact the market. And Citi Global Head of Commodities Research Ed Morse reacts to today's energy sell off and why he thinks oil prices could continue to slide.

Transcript

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0:00.0	The S&B 500
0:05.0	falling today is stocks fade throughout the session.
0:04.4	The S&B500 falling below the 4,000 mark.
0:07.4	The most important hour of trading starts now.
0:09.3	Welcome everyone to Closing Bell.
0:11.2	I'm Sarah Eisen.
0:12.0	Take a look at where we stand right now in the market with one hour left of trading,
0:15.2	down more than 1% across the board, 1.5% for the NASDAQ.
0:18.9	There's the S&P 500.
0:19.9	It's down about 1.3% at the moment. Every sector is lower. Energy is the hardest hit. Big
0:26.8	give back in oil prices today. Energy stocks down almost 4%. Utilities are at the
0:31.2	bottom of the pile as well.
0:32.6	Technologies not doing particularly well, materials,
0:36.2	really it's the cyclicals, it's the safety and tech
0:38.8	all moving lower throughout the session.
0:41.5	The Dow is down about 360. Low of the day was about
0:44.4	down 450. Here's a look at the biggest decliners right now in the S&P 500 and you
0:49.0	can see there are plenty of energy names on that list, some material names
0:52.1	there as well with the sell-off of
0:53.9	commodities. We're going to talk to Ed Moore, Subcity Group, later on in the show.
0:57.9	Also coming up in today's show, we will talk to Bruce Richards from Marathon Asset Management.
1:02.1	Get his playbook amid this latest market down-track. Bruce Richards from Marathon Asset Management,
	...

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