Closing Bell: Another ugly day on Wall Street, Interactive Brokers chairman on market turbulence 4/26/22

Closing Bell

CNBC

Business, News

4.4 • 141 Ratings

🗓️ 26 April 2022

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closed at the lows of the session after another painful day on Wall Street. Phil Camporeale from J.P. Morgan Asset Management and Eric Johnston from Cantor Fitzgerald square off in a bull-bear debate to discuss whether or not the selloff is a buying opportunity. Interactive Brokers chairman Thomas Peterffy weighs in on how retail investors are navigating the volatility. And as the Nasdaq paces for its worst month since 2008, Angelo Zino from CFRA breaks down what we’ve learned from big tech earnings, and what to expect when the rest of the mega-caps report results. 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 sinking and the NASDAQ is tanking right now.
0:02.8	Most important hour of trading starts right now.
0:05.2	Welcome to Closing Bell, everyone.
0:06.6	Another down day where the NASDAQ is down 2.5%.
0:10.0	The Dow is down almost 600 points.
0:11.6	Low of this session was about 657 points,
0:14.4	but every Dow stock is lower right now, except for Chevron.
0:17.7	Energy is the only standout, which is sector outperforming today.
0:21.6	Here's where we stand. Overall, the small caps are down 2.2
0:25.0	percent. The Nasdaq 100 heat map really shows you that tech is in the eye of
0:29.5	the storm today with the broader Nasdaq composite now on pays for its worst month since
0:34.4	October 2008 and as you can see every name almost in the Nasdaq 100 is
0:39.7	lower the biggest drag Tesla down about 10% or so let's say yeah 10% it's also
0:47.1	dragging some of the other EV makers like Lucid down but you've got a pretty
0:50.8	broad sell-off the fang, Microsoft and Alphabet ahead of results,
0:55.0	ahead of the results ahead after the closing belt today,
0:58.2	and also some other software names getting slammed as well.
1:02.0	We're looking at Salesforce, Big Dragon, the Dow, lowest level
1:04.7	we've seen since 2020. Take a look at bond yields, the 10-year yield falling hard today.
1:09.1	It's now below 2.8%. That's different than what we've seen lately with rising rates and higher yields pressuring technology
1:16.8	today. Maybe more of a flavor of slowing growth where treasuries are getting bought and yields are coming down.
1:22.4	We're going to be all over the sell-off throughout the
	...

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