Closing Bell: 800 Point Swing, Goldilocks Jobs Report & Oil's Not Well 9/2/22

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 2 September 2022

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks staging a big early session rally following the August jobs report, which came in slightly weaker than expected, easing fears the Fed could hike interest rates more aggressively. But the Dow, which had been up nearly 400 points, swung to a 400 point decline after Russia's Gazprom announced an indefinite shutdown of Europe's Nord Stream pipeline. OPIS Global Head of Energy Tom Kloza discusses what the pipeline problems mean for oil and gas prices. Truist's Keith Lerner explains why he thinks this market sell off would have happened regardless of the pipeline news. Satori Fund Founder Dan Niles discusses the recent rough ride for tech stocks and where he is finding opportunities in this market. Jefferies Michael Yee on why he is so bullish on biotech stocks despite a huge sell off this year. And IMAX CEO Rich Gelfond on the outlook for the box office and the first ever national cinema day on Saturday.

Transcript

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0:00.0	Stocks give up a big early rally and we're selling off into the close.
0:03.6	Dow had been up nearly 400 before reversing lower.
0:07.2	The most important hour of the trading state starts right now.
0:09.8	Welcome to Closing Bell.
0:10.8	I'm Carl Quintania in for Sarah Eisen.
0:13.0	1% losses are close to it.
0:15.0	As the focus shifts from that Goldilocks jobs number to European Energy, we will get to all of
0:19.8	that, S&P down, almost to full percent, 3932.
0:23.2	Biggest decliners on the week, a lot of companies that warned in recent days, among them
0:27.8	NVIDIA, PVH, and Seagate.
0:31.4	Coming up on the show this afternoon,
0:33.0	Satori Funds Dan Niles going to join us to break down the Wild Week for Tech,
0:37.0	including today's big downside reversal.
0:39.0	We'll talk to energy expert T'unclosa about this developing news about Nord Stream 1. The pipeline
0:44.7	will not reopen as scheduled tomorrow. But first let's get straight to the
0:48.8	market. Senior markets commentator Mike Santoli watching today's turn around.
0:53.0	Yeah, Carl, reassuring jobs number seem to lead people to set the dials for a nice gentle rally
0:59.5	about halfway through the day.
1:00.7	We were hovering right at the 50-day average, kind of
1:03.2	reinforcing the idea that yesterday's upside reversal maybe had something to it.
1:07.4	It does leave us here just a little bit above yesterday's lows. That 3,900 level
1:11.2	was seen is very important going into yesterday.
	...

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