Closing Bell: Easy Come, Easy Go, Affirm’s CEO On Consumer Spending & Just Do It? 9/29/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 29 September 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks selling off and giving back most of Wednesday’s big rally on renewed fears the Federal Reserve will continue to aggressively raise interest rates to fight inflation. Rosenberg Research President David Rosenberg says the Fed is trying to cause a recession to cool off red hot inflation. Canaccord Genuity’s Tony Dwyer has been calling for a market fall in the Fall. He discusses how much more pain the market could be facing. Truist’s Keith Lerner explains why he thinks the market is due for a short term bounce. Affirm CEO Max Levchin on whether he sees any signs consumer spending is slowing in this volatile economy and stock market. Charter Equity Research’s Ed Snyder on whether it’s time to buy Apple which has gotten crushed recently on concerns about iPhone 14 demand. And Barclays’ Adrienne Yih and RBC Capital Markets’ Piral Dadhania debate whether investors should buy shares of beaten down Nike ahead of its earnings report. 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	So much for a comeback stocks are falling hard giving back yesterday's gains as the Wall Street
0:04.8	sell-off intensifies as we speak we're looking at session lows for the NASDAQ and the
0:08.6	S&P the most important hour of trading starts now welcome everyone to closing bell Bell. I'm Sarah Eisen. Take a
0:14.4	look at where we stand right now in the market. There's the Dow down 666
0:18.3	points. Hard to find a winner today. The S&P 500 down almost 3% you've got every sector lower.
0:24.1	The hardest hit is consumer discretionary.
0:26.8	CARMAX is a part of that story.
0:28.4	Ugly results today, that stock down 23%, but its weakness across the board.
0:33.1	Utilities are at the bottom of the list,
0:34.8	so as information technology, energy is
0:37.2	bearing the best as a group.
0:38.9	It's down 1%.
0:40.2	As you can see, yields are higher.
0:42.1	Again, the two-year note yield almost at 4.2% small caps down more than 3%
0:46.9	They rose more than 3% yesterday here's our chart of the day though it is apple getting slammed as Bank of America cuts the stock
0:54.7	to neutral from by we'll talk much more about the reason in just a bit also coming
0:59.2	up on the show today he's been calling for a fall in the fall for a long time now it is playing out.
1:04.0	Can't Accords Tony Dwyer will join us with his latest thinking on how long this market pain will last.
1:10.0	Plus we'll get key insights into the state of the consumer in these uncertain times and we are joined by Max Levchen, the CEO of Buy Now Pay Later company, a firm whose stock is also getting slammed in this sell-off.
1:20.8	Let's get straight though to the overall market with our first guest David Rosenberg from Rosenberg. in this
1:23.2	sell off. Let's get straight though to the overall market with our first guest
1:23.7	David Rosenberg from Rosenberg research. David you've been negative
	...

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