Closing Bell: Market selloff intensifies, CEA Chair on “unacceptable” inflation 5/11/22

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 11 May 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks logged another losing session, with the Nasdaq shedding more than 3% and the Dow falling more than 300 points, reversing an earlier rally. Ben Emons from Medley and Peter Cecchini from Axonic look for ways to protect your portfolio. Meantime, the latest read on inflation topped estimates once again – with prices rising 8.3% versus last year. Council of Economic Advisers Chair Cecilia Rouse calls inflation “unacceptably high,” and outlines the White House plan to fight it. And ARK analyst Simon Barnett breaks down opportunities in health care, as Cathie Wood’s ETFs feel more pain in the selloff. 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	Another failed rally attempt on Wall Street today.
0:02.5	Stocks mostly lower as we head into the close.
0:05.2	With the NASDAQ failing the most paying down about 2.5%.
0:08.2	The most important hour of trading starts now.
0:10.2	Welcome everyone to Closing Bell.
0:11.8	I'm Sarah Eisen.
0:12.6	Here's where we stand right now in the markets.
0:15.4	Another intense day of selling for technology in particular, there's the Nas deck in the middle,
0:19.2	down 2.5%.
0:20.7	The S&P, broader, down 1% right now.
0:23.0	You do have some pockets of strength in today's market.
0:26.0	Energy, utilities, materials, real estate, and consumer staples are all higher.
0:30.0	But everybody else is down, consumer discretionary at the bottom of the pack today the Dow is down about half a percent it was up 423 points at the highs of the day again another down up and fade day down 176 right now.
0:42.9	Check out some of the most actively listed names right now,
0:45.4	right here at the New York Stock Exchange,
0:47.6	Roblocks, which had an epic turnaround,
0:49.8	initially sinking on results now higher and off the highs.
0:53.3	Neo continues to be among the most actively traded.
0:55.6	Palantier continues to give back 6.5% today after earnings a few days ago.
1:00.5	Ford and AMC, which is down almost 13% it had earnings yesterday
1:05.3	remember a milder sell-off on that news coming up on today's show the
1:09.1	White House reacting to yet another hot inflation print.
	...

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