Closing Bell: Late-day stock slump, National Economic Council Director on inflation, and cash is king. 4/12/22

Closing Bell

CNBC

Business, News

4.4 • 141 Ratings

🗓️ 12 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks giving back big early gains extending the losing streaks for the S&P and Nasdaq to 3-days after the highest increase in consumer prices since 1981. National Economic Council Director Brian Deese says inflation is running uncomfortably high and explains why the White House’s plan to allow more ethanol in gasoline will help lower prices at the pump. And Satori Fund Founder Dan Niles explains why retail investors should be in cash right now and why he thinks some traditional technology stocks are attractive. 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	Tyler, thank you. Yep, we gave up the whole rally and then some and we are trading
0:04.4	your session lows as we approach the close. The most important hour of trading
0:08.0	starts now. Welcome everyone to Closing Bell, I'm Sarah Eis and here's where we stand
0:12.1	right now. The NasdDAQ growth was the leader today. It was up 273 points or so. It's given that all back. It's down a third of 1% right now.
0:19.4	S&P 500 down a quarter of 1% and the Dow is down about a tenth of 1%. Energy is leading the way
0:26.2	today in terms of sectors. You've got some strengthened utilities, consumer discretionary
0:30.2	materials, financials getting hit hard as we see interest rates go the other way.
0:35.0	Yields are lower today.
0:36.0	That hurts ahead of earnings tomorrow.
0:38.0	Communication services also weaker.
0:39.0	What I'm watching into the closed oil prices, getting a big lift today at more than 6% and
0:44.2	W. T. I. and Brent are both now back above $100 per barrel. Why? China relaxing
0:49.7	some of the restrictions in Shanghai, a sign that more demand could be coming and
0:54.8	OPEC warning it would be impossible to replace all of the oil from Russia.
0:59.6	Coming up on the show National Economic Council Director Brian Deese will join us with his first comments on today's four decade high inflation print and how the administration plans to battle those higher prices.
1:11.0	Let's get straight to the market and this big intradate turned lower.
1:13.7	The S&P 500 giving up a 1.3% gain.
1:16.7	The Nasdaq are racing a pop of more than 2%.
1:18.7	Joining us now, Dan Niles, founder of the Satore Fund.
1:22.3	Dan, welcome.
1:23.8	I guess you're not too surprised
1:25.6	to see the market mood shift.
	...

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