Closing Bell: Markets In Turmoil, Fed Fears & Oy Oil 9/23/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 23 September 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closing sharply lower to close out a brutal week for the bulls amid rising fears of a global recession. Former Kansas City Fed President Thomas Hoenig discusses whether the Federal Reserve is making a mistake by being so aggressive with its interest rate hikes. Laffer Tengler Investments' CEO Nancy Tengler says the market is starting to price in a policy mistake by the Fed and unveils how she is positioning her clients as a result. JP Morgan Asset Management's David Lebovitz says high quality fixed income is starting to look very attractive as investors seek safety from this market turmoil. Bespoke's Paul Hickey on how this week's huge market sell off could impact historic seasonal patterns. Ariel's Charlie Bobrinskoy says value stocks are the way to play this market sell off, but Edward Jones' Mona Mahajan believes it may be time to buy back into growth stocks. Evercore ISI's Mark Mahaney reveals where he sees longer term opportunities to buy large cap tech stocks. And Raymond James' Pavel Molchanov weighs in on whether there is an opportunity in the energy sector as oil prices fall to the lowest level since January. 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	It is an ugly finish to an ugly week for the Bulls the Dow and S&P falling below their June lows both
0:06.1	Index is now down around 5% just this week the most important hour of trading starts now
0:11.2	Welcome to closing bell I'm Mike Santoli in for Sarah
0:14.1	Eisen today. We have a big lineup coming your way to help you navigate this
0:18.2	sell-off including David Lebevitz from J.P. Morgan, former Kansas City Fed President
0:23.0	Thomas Honing, Arials Charlie Bibrinsky,
0:25.3	a Mona Mahajun from Edward Jones, and bespoke's Paul Hickey.
0:29.5	Let's now get straight to the market dashboard
0:31.2	and take a broad look at the S&P 500 as we mentioned
0:34.2	cracking below those mid-June lows it was June 16th for the closing low the intraday
0:38.1	low 36 we're now oh well almost a half a percent below that right now. This is a two-year chart.
0:44.3	Kind of interesting to see where we've come from. This takes us basically back to
0:49.2	right here. That's the immediate post presidential election rally that we got.
0:54.0	It started right on or right after election day in November of 2020.
0:59.5	We pop to this level in the 36th's and then we have round trip from there now there's a lot of
1:04.1	people talking about other levels just below here that might be of
1:07.7	significance including the peak before the pandemic which is more like in the
1:12.0	34 hundreds we'll see about that. Things are
1:14.2	getting very oversold though. You're seeing a real washout type conditions in the
1:17.8	market today. We'll see how it finishes up by the clothes. Take a look at the
1:21.5	energy dynamics here too, participating in the downside more than fully today.
1:25.8	The XLE is down much more than the market today.
	...

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