Closing Bell: Major market rally to end the week, Fed in focus, Snap on the sidelines 10/21/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 21 October 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks surged in Friday trading as investors keyed in on more dovish commentary from the Fed. DoubleLine’s Jeff Sherman weighs in on the latest messaging from the central bank and the big move this week in bond yields. Snap was a major underperformer on the back of earnings, as advertising headwinds came into focus. Barton Crockett from Rosenblatt and Andrew Boone from JMP join to debate if you should buy the dip. Plus Ariel’s Charlie Bobrinskoy and Kristina Hooper from Invesco share thoughts on the rally and if they think it has legs. 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	Stokes are jumping to end a solid week for the bulls as Fed commentary stays firmly in
0:06.1	focus.
0:07.1	This is the make or break hour for your money.
0:08.9	Welcome to Closing Bell.
0:10.1	I'm Mike Santoli in for Sarah Eisen. Here is where things stand in the market,
0:14.3	a 2% gain for the S&P 500.
0:17.4	Started out much more hesitantly,
0:19.4	but we have rallied throughout the day,
0:20.8	pretty much near the highs of the week though not quite
0:23.6	dow up a similar percentage. Nasdaq slightly underperforming as is the
0:27.2	Russell 2000 as Bond yields come in just a bit and check out the stock chart of
0:32.0	the day. Snap sitting out the stock chart of the day.
0:32.6	Snap, sitting out the rally quite in a big way
0:35.4	after revenue missed estimates on advertising headwinds.
0:38.8	We will talk much more about that name
0:40.6	and the implications for Meta and Alphabet and more in just a bit.
0:45.0	Also ahead on the show, former Ford CEO Mark Fields will join us to talk about GM's reveal
0:50.5	of its new electric pickup and where that company stands in the EV race.
0:55.6	Let's begin though with the market.
0:56.9	The major averages on pace to end the week firmly in the green.
1:00.6	Treasury yields having a big week as well.
1:02.6	Earlier in the session, the 10-year yield touched
	...

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