Closing Bell: Dramatic Comeback, Chips Chopped & Prime Time For Disney 9/1/22

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 1 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks staging a big late-day turnaround, helping the Dow and S&P snap a 4-day losing streak. Chip stocks getting crushed after the U.S. government restricted Nvidia and AMD's sales to China. Piper Sandler's Harsh Kumar explains why he slashed his price target on Nvidia and discusses the other stocks that may be at risk. Keycorp CEO Chris Gorman on the outlook for commercial and consumer loan growth and how rising interest rates are impacting the regional bank. Chargepoint CEO Pasquale Romano discusses the outlook for the electric vehicle charging business after reporting huge year-over-year sales growth. And Epyllion CEO Matthew Ball reacts to reports that Disney is exploring a membership service similar to Amazon Prime, something he predicted the media giant would do six years ago.

Transcript

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0:00.0	The Dow clawing its way back here from a nearly 300 point decline on this first
0:04.6	trading day of September, but the Nasdaq and the S&P are still in the red
0:07.9	pacing for their fifth straight decline. The most important hour of trading
0:11.4	starts now. Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:15.0	Take a look at where we stand right now in the market.
0:17.0	Again, at the lows of the day, we were down 2.90 on the Dow.
0:20.0	Look at where we are now, about 18 points or so.
0:23.2	S&B 500 is only down a third of 1%
0:26.2	because it's kind of balanced in between sectors.
0:28.2	You've got strengthened utilities, defensive,
0:31.0	health care and consumer staples,
0:32.3	but also communication
0:33.2	services are strong following through on yesterday's rally names
0:36.4	like Netflix dish Comcast charter alphabet some of those meta names also that's
0:41.8	helping the Nasdaq a bit but it's still down
0:43.6	about 1% and that is being weighed down by software and chips take a look at the
0:47.6	names dragging most on the Nasdaq 100 right now which is down about three
0:51.7	quarters of one percent.
0:53.4	Octa earnings they lower their billing guidance the stock is down almost 32% in video
0:58.9	which we'll talk to in a moment on some Chinese export controls descalerscaler data dog at Lausanne.
1:05.0	It's really the hardest hit part of the market there on tech.
1:08.0	Coming up on today's show, we'll talk to the CEO of Regional Bank Key Corp
	...

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