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Closing Bell

Closing Bell: 3-Day Win Streak, Buyer Beware & SAP CEO On I.T. Spending 10/25/22

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 25 October 2022

⏱️ 43 minutes

🧾️ Download transcript

Summary

Stocks rallying for a third straight day on falling treasury yields and ahead of earnings from big tech companiesm but Canaccord Genuity's Tony Dwyer says investors shouldn't chase this rally. He reveals how he is advising clients to put money to work right now. Cowen CEO Jeff Solomon discusses how market volatility and higher interest rates will impact the outlook for dealmaking and the IPO market. And SAP CEO Christian Klein discusses the German software giant's strong quarterly results and the outlook for I.T. spending in a recession. 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

Stocks are jumping again, extending a strong three-day rally, putting the Dow on pace

0:07.1

for its best months since 2020.

0:09.8

This is a make-or-break hour for your money.

0:12.0

Welcome, everyone, to Closing Bell.

0:13.4

I'm Sarah Eisen.

0:14.6

Take a look at where we stand right now in the market up 268.

0:17.0

High of the day was up 305.

0:19.8

Going strong, look at the NASDAQ,

0:21.4

leading the charge up almost 2% as we are seeing

0:23.8

relief in the bond market. There's buying there that's pressuring yields lower

0:28.2

it's helping those tech stocks and everybody else rally today except for energy.

0:31.6

It's the only sector in the red right now.

0:33.7

Everyone else is higher. The best performing groups, real estate materials,

0:37.5

consumer discretionary. As I mentioned though, technology up almost 2%. The high of

0:42.2

the day for the Nasdaq was up

0:43.2

234 up about 200 right now. Check out some of today's key earnings

0:47.0

movers. That is very much part of the story today. Coca-Cola feeding estimates

0:51.2

raising its outlook. Stock is responding well, GM also topping

0:54.9

estimates, 3M missing on revenue citing the strong dollar, which by the way is weakening

1:00.4

about a percent today, and UPS having a mixed quarter the stock is lower by

1:05.0

less than half a percent coming up on the show today you will hear from the CEO of

1:09.3

another earnings mover European software giant SAP will get a good read from him on corporate

...

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