Closing Bell: Market Meltdown and Kroger's CEO On Inflation 6/16/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 16 June 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks plunging and pushing the Dow below the 30,000 level on increasing fears the Federal Reserve's aggressive rate hikes will spark a recession. Cantor Fitzgerald's Eric Johnston says the Fed is getting aggressive too late and warns the market is not yet pricing in a recession. Bridgewater's Karen Karniol-Tambour reveals whether investors should be buying bonds and commodities to diversify away from stocks. Medley Advisors' Ben Emons says investors should raise their allocation to cash and companies with stable cash flows. And Kroger Chairman & CEO Rodney McMullen on how inflation is impacting consumer spending and whether the grocery chain owner is able to pass higher costs on to customers. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0	Stocks getting slammed as the post-fed rally evaporates.
0:03.2	We are near session loads right now.
0:05.0	The Dow is below 30,000, the S&P 500 below 37,000,
0:09.0	and the NASDAQ is below 11,000, breaching some round numbers there.
0:12.8	The most important hour of trading starts now.
0:15.1	Welcome, everyone, to Closing Bell, I'm Sarah Eisen.
0:17.7	Take a look at where we stand in the market.
0:19.4	Look at the Nasdaq right in the middle, down 4.5 percent.
0:22.8	Big tech bearing the brunt of the pain, as we've seen lately with these big sell-offs due to
0:27.8	higher interest rates, recession is also a big concern today.
0:30.7	The S&P is down 3.7 percent. Dow Jones industrial average down almost 3%, 853 points,
0:36.7	just around the lows of the session down a little more than 900 points. Look at the
0:40.6	S&P 500 sector heat map which tells you there's plenty of pain to go around here
0:45.5	Every sector is lower its energy that is the worst hit right now down about 6%
0:50.1	Consumer discretionary also down 5.5%.
0:53.8	Everything tied to the economy, technology, materials,
0:56.9	industrial, and banks.
0:58.1	Those are among the hardest hit today.
0:59.8	What's holding up the best there,
1:01.0	are consumer staples only down 7 tenths of 1%.
1:04.6	You've also got some green in there like Walmart, General Mills, Hormel, Church and White,
1:09.0	Proctor and Gamble, and Colgate.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.