Closing Bell: Dow 2-day win streak, Transports tank, and Chipotle bets on the metaverse 4/8/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 8 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Dow closing higher on Friday to notch a 2-day win streak, but the major averages finishing the week in the red. Axonic’s Peter Cecchini and Leuthold Group’s Jim Paulsen debate whether the bull market is still alive despite ongoing Fed fears. Transport stocks having their worst week since October 2020. Evercore ISI’s Jon Chappell weighs in on whether a freight recession is on the horizon and why he prefers the rails over trucking stocks. Renaissance Macro Research’s Jeff Degraaf on how to trade financial stocks ahead of next week’s bank earnings. And Chipotle CEO Brian Niccol on why he sees consumers being a little more discriminate with their spending and whether they will tolerate more price hikes. Plus, he discusses the company’s big push into the metaverse and whether there are plans to start accepting cryptocurrency. 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	The Dow is jumping and the NASDAQ is falling again.
0:02.8	The most important hour of trading starts now.
0:05.0	Happy Friday and welcome to Closing Bell everyone.
0:06.9	I'm Sarah Eason.
0:07.8	And here's where we stand in the market.
0:09.4	S&P 500 just barely positive.
0:11.8	NASDAQ is underperforming and the Dow's
0:14.2	been outperforming all day up up about 200 points right now.
0:17.2	Nasdaq down 100 points.
0:19.4	It really is a tale of two markets there.
0:21.6	Underperformance in technology, that's been a theme as
0:24.4	Treasury yields march higher again. Outperformance today in energy, financials,
0:28.3	health care, and materials, UNH, United Health, biggest contributor to the
0:32.1	Dow Gaines right now.
0:33.4	Something else I'm watching into the close.
0:35.2	The US dollar breaking out, surging past 100 for the first time in nearly two years.
0:40.6	It's been up every single day this week. The euro on the flip side
0:43.7	taking out March lows, money chases yield and rates and certainly those rates are
0:47.7	rising in the US. That strong dollar are going to hurt earnings in the
0:50.3	coming quarters cuts right into those overseas sales.
0:53.0	So far, Mark appears to be okay with it.
0:56.0	Coming up on the show, Brian Nickel, the CEO of Chipotle, will join us.
	...

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