Closing Bell: Choppy session for stocks, Figuring out the Fed, Tesla’s terrible week 10/10/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 10 October 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks kicked off the week on shaky footing following a big selloff over the past few sessions, and ahead of key inflation data on Thursday. Markets moved on comments from Fed officials, including vice chair Lael Brainard, and on a warning from Jamie Dimon about the pain yet to come. Sahak Manuelian from Wedbush breaks down the latest signals from the central bank and how they factor into his strategy. Bernstein’s Toni Sacconaghi discusses more weakness for tech, and his outlook for Tesla after the company turned in its worst week in years. The president of Dow component Honeywell talks about how global macro concerns are impacting his business. Plus the latest on the pullback in chips, cloud stocks, GM, and Ford. 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 starting the week on a shaky footing though making a decent comeback here.
0:03.9	We took a hit midday when Jamie Diamond told see NBC how much more downside there could be for the market.
0:10.9	It could be another easy 20%.
0:13.0	And I think like the next 20% would be much more painful in the first.
0:17.0	But then stocks gain some ground back after comments from Fed Vice Chair Lail Branard.
0:24.5	Moving forward deliberately and in a data dependent manner
0:28.6	will enable us to learn how economic activity,
0:31.1	employment, and inflation are adjusting to the cumulative tightening in order to inform our assessment of the path of the policy rate.
0:39.0	We're going to have analysis for you of all of those headliner comments throughout the show.
0:44.0	This is the make or break hour for your money.
0:46.4	Welcome everyone to Closing Bell. I'm Sarah Eisen.
0:48.9	Coming up this hour, we will speak with the President of Dow Component Honeywell about how global slowdown fears are impacting
0:55.4	his industrial business and about the company's new
0:57.3	sustainable fuel efforts.
0:58.7	Big announcement there today.
1:00.1	Let's get straight though to the market dashboard,
1:01.7	our senior markets commentator, Mike Santoli,
1:04.3	where after that brutal sell-off we got on Friday, there are some pockets of strength today,
1:08.9	mostly in the defensive areas, but materials I see are higher as well, and so are industrial. industrial yes it is not an across-the-board new down leg in the market in fact it's
1:16.6	really semiconductors and some of the other cyclical areas that are
1:19.7	pressure points but the market's apprehensive here and you know that kind of
1:23.0	to and fro based on various comments about how aggressive the Fed has to be and
	...

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