Closing Bell: Back Into Bear Market, Focus On The Fed & Crypto Crushed 6/13/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 13 June 2022

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks selling off and pushing the S&P 500 back into bear market territory as investors brace for the Federal Reserve's decision on interest rates this week. Jefferies economist Thomas Simons explains why he thinks the Fed will raise rates by 75 basis points this week to help combat runaway inflation and whether these aggressive rate hikes could spark a recession. But Atlas Merchant Capital CEO Bob Diamond doesn't think that's aggressive enough and says the Fed should raise rates by 100 basis points. Citi U.S. Equity Strategist Scott Chronert says investors should be buying health care stocks as a defensive trade amid this market volatility. UBS Private Wealth management’s Alli McCartney reveals why she thinks the market could remain volatile for a long time. And Bitfury CEO Brian Brooks reacts to Bitcoin’s plunge and whether crypto lending company Celsius pausing customer withdrawals is a warning sign for investors. 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	Off the lows but stocks are getting wrecked on this crucial Fed week. The most important
0:04.5	hour of trading starts now. Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:08.6	Take a look at where we stand in this market. It's been brutal, all session lawn and really since the the open the low of the day on the
0:14.4	Dow is down about 900. We're down 750 right now.
0:17.1	S&P down 3.3 percent. The Nasak getting pummeled down more than 4 percent.
0:22.0	All of mega cap technology stocks are lower
0:24.4	Apple Microsoft Amazon Tesla, Invidia, Meta and Alphabet weighing the heaviest.
0:28.6	Small caps also down more than 4%. Here's a live look right now at the S&P 500 Heatmap, which shows you just
0:35.0	how broad the sharp sell-off has been today. You've got energy and consumer discretionary
0:40.4	groups feeling the most pain right at the bottom of the market.
0:43.6	Consumer discretionary down 4%.
0:46.1	You've got names like Caesars Entertainment, down 12%.
0:48.7	Norwegian cruise lines down 12% in Carnival.
0:52.0	They're at the bottom of the pack,
0:53.0	but pretty much everything in there.
0:54.2	The home builders, the retailers is lower on the day.
0:58.0	The best performing sector is consumer staples.
1:00.3	It's down 1.7%, but it is a relative safe haven today. It's where you're seeing very few pockets of green as well in the Dow there's only two stocks higher
1:08.8	McDonald's and Cisco everybody else down Boeing the biggest drag. We're going to stay focused on the selloff for you throughout the show with analysis and ideas for your portfolio from all sorts of guests including Citigroup equity strategist Scott Kronner
1:21.8	Jeffries economist Thomas, who now has a 75 basis point hike penciled in from the Fed this week.
1:29.0	Fit Furious, Brian Brooks on the crypto crash, which is definitely playing a role today.
1:33.2	Former Barclay CEO Bob Diamond with some perspective on the banking system and
	...

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