Closing Bell: Market Meltdown 5/5/22

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 5 May 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks suffering their worst day since 2020 and erasing all of Wednesday's huge gains. Tech stocks sending the Nasdaq down nearly 5%. SVB Private's Shannon Saccocia & Truist's Keith Lerner weigh in on the sell off and whether they see buying opportunities amid the carnage. PIMCO's Tony Crescenzi discusses what the surge in the 10-year treasury yield means for the market. Firsthand Fund's Kevin Landis on the tech stocks he thinks will outperform if the economy enters a recession. And Nikola CEO Mark Russell discusses the electric vehicle maker's earnings and when he thinks supply chain challenges will ease. 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	Stocks are tanking giving back their post-P-Powel gains and then some.
0:03.5	Nearly every name in the S&P 500 is in the red.
0:06.9	The most important hour of trading starts now.
0:08.8	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:11.8	Here's where we stand in the market another sharp sell-off on Wall Street.
0:16.0	We're down 1,148 points on the Dow Jones Industrial Average. Just took it turn lower.
0:20.0	lows of the day was down about 1240 points, but it is ugly out there. Every sector is
0:25.9	sharply lower. Consumer discretionary is getting hit the hardest, down 6% thanks to double-digit
0:31.8	declines in names like
0:32.8	Etsy, eBay, really poor earnings, and just bad
0:36.7	sentiment overall.
0:37.7	Check out the most actively traded names here at the New York Stock
0:40.0	Exchange at this moment with the NASDAQ down 5.3%
0:44.1	Neo continues to be actively traded it's down 15%.
0:47.4	Twitter a rare bright spot in the action after Elon Musk gets more funding
0:51.2	seven billion dollars in capital for his takeover
0:53.4	bid a tau of a Brazilian bank Uber and Ford among the most actively traded names
0:59.2	will be all over this market sell off for you three out the hour with some great
1:01.9	guests including Shannon
1:03.6	Sakosha from S. V. Private Keith Lerner from truest Tony Cresenza
1:07.6	Chrisenzie from Pimco on the bonds. Kevin Landis from First-time Capital on
1:11.8	Tech which is getting clobbered right now, and David
	...

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