Closing Bell: 3-Day Win Streak, Fed Up & Tapestry CEO on Luxury Spending 9/9/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 9 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks staging a big rally to cap a 3-day win streak and help the major averages snap a 3-week losing streak as investors get less skittish about the potential for another 75 point interest rate hike by the Federal Reserve. Former Council of Economic Advisers Chairman Austan Goolsbee says he's worried the Fed could cause a recession if it continues to raise interest rates. Evercore ISI's Mark Mahaney discusses today's tech rally and the two stocks he thinks are cheap right now. Morgan Stanley's Jim Lacamp is skeptical about this week's gains and reveals his top short ideas. Tapestry CEO Joanne Crevoiserat discusses the outlook for luxury spending and whether the company has pricing power in this environment. And Kroger CEO Rodney McMullen on the grocer's big earnings beat and whether inflation is prompting consumers to trade down to the company's private label brands. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0	Yes, we've got a strong rally to finish the week.
0:02.0	We're just about at the highs of the day.
0:03.7	The most important hour of trading starts now.
0:06.1	Welcome everyone to Closing Bell.
0:07.6	I'm Sarah Eisen.
0:08.5	Take a look at where we stand right now in the market.
0:10.6	Up more than 400 points on the Dow. It's broad 11 sectors all green.
0:16.0	The worst performing sectors is utilities and that is up almost three quarters of 1%.
0:22.0	You've got the NASDAQ composite up 2% on the week now. The NASDAQ
0:26.2	comp is up 4%. The S&P 500 is almost up 4%. We're breaking the three week losing
0:32.1	straight. Take a look at the best performing sectors right now.
0:34.6	Energy tops the tape today as crude oil prices rise,
0:38.0	along with communication services, technology, discretionary and materials, rounding out the top five.
0:44.3	Big show today, we've got a pair of CEOs on the strength of the consumer.
0:47.8	Tappestry CEO, Joanne Kravoicerat will join us here at the exchange to discuss the state of luxury spending.
0:54.8	They own coach, Kate Spade, and Stuart Weitzman.
0:57.6	And then Kroger CEO will be here to break down the grocery company's strong earnings
1:00.9	and guidance give us his outlook for food inflation and
1:04.1	what he's seeing from the consumer that stock is at more than 6%. We'll kick it off
1:08.1	though with the market dashboard senior markets commentator Mike Santoli is here as
1:11.8	always stocks are rebounding again Mike. Can this last?
1:14.9	You know some progress is actually being made here Sarah we do have a very broad rally which
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.