Closing Bell: Dramatic stock comeback, PIMCO's CEO on the market & Kroger's CEO on why food inflation is getting worse 5/2/22

Closing Bell

CNBC

Business, News

4.4 • 141 Ratings

🗓️ 2 May 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks staging a huge comeback into the close as May kicks off in the green. The Dow had been down more than 500 points at one point. PIMCO CEO Emmanuel Roman discusses whether there is more downside to the market and fears the Fed's rate hikes could spark a recession. Kroger CEO Rodney McMullen on how consumers are reacting to inflation and higher interest rates and why he thinks food inflation is still getting worse. And Meta VP of Global Business Nicola Mendelsohn on whether she sees an ad spending slowdown and when the metaverse will take off. 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	Here we go again stocks under heavy pressure as May gets off to a choppy start the most important hour of trading starts now
0:07.3	Hello everybody and welcome to closing bell I'm Sarah Eisen coming to you live today from the Milken Conference in Beverly Hills, California,
0:14.2	where all the financial heavyweights are here talking about this market and this
0:18.4	volatility. Here's where we stand with one hour left of trading.
0:20.9	S&P down 1.3%.
0:22.8	Dow just off session lows got as low as a little lower than down 500,
0:27.9	down about 450 points at the moment.
0:29.9	NASDAQ outperforms Communication Services, interestingly,
0:33.1	is the only sector that's positive right now in the S&P.
0:36.3	The Russell 2000 annex of small caps down 1%
0:38.8	and check out some of the most actively traded names
0:41.4	at the New York Stock Exchange at the the moment you've got a mix there AT&T with a bid
0:46.4	meio we've seen some strength lately in the eB names despite the broader sell-off
0:50.4	Nokia Ford under pressure and Uber down 5.3%.
0:55.2	Some of the reopening names are getting hit right now.
0:57.6	We've got a great lineup of guests for you here from the Milk and Global Conference,
1:02.1	including an inside read on the consumer and
1:04.9	the impact of inflation with the CEO of Kroger, the country's largest groceries chain
1:09.6	Rodney McMullen, and a conversation with the Vice President of Meta's global business group,
1:15.0	Nicola Mendelssohn.
1:16.0	She'll talk to us about what she's seeing from the advertising market.
1:20.0	Meta is a rare bright spot in the session.
	...

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