Closing Bell: Meta meltdown, Amazon and Apple on deck, Can the rally last without tech? 10/27/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 27 October 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

The major averages were mixed in Thursday trading as a stronger-than-expected GDP report and solid blue chip earnings offset Meta’s share meltdown. Lerer Hippeau managing partner Eric Hippeau and LightShed’s Brandon Ross join to discuss Mark Zuckerberg’s big bet on the metaverse, and if it will ever pay off. Matthew Ball, who founded the metaverse ETF, weighs in on the future use cases for the technology. Cantor’s Eric Johnston discusses if the broader equity comeback can last in the face of disappointing tech results. Plus Lazard’s Peter Orszag on the midterm impact on the market, DA Davidson’s Tom Forte on Apple and Amazon, and the buzz on why Credit Suisse just took a major leg lower. 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	A strong GDP print, solid blue chip earnings helping offset the drag from Meta's meltdown.
0:05.2	This is the make or break hour for your money.
0:07.4	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:09.8	Take a look at where we stand in the market. Big divergence here.
0:12.8	Look at the Dow.
0:13.7	It's up right now, 276 points.
0:16.3	And then you've got the Nasdaq, which is down 1.5%.
0:18.7	The story there is Big Tech, and Meta in particular,
0:22.4	which is down at the moment about 25% just ugly dragging
0:26.9	all of tech with at Apple and Amazon right at the bottom of the list out of earnings
0:30.3	tonight alphabet is thinking again though there is some strength in some of the semi names.
0:34.9	And Vidia is bucking the trend.
0:37.1	And you've got groups like industrial, financials, and utilities having a really strong day.
0:41.4	Check out the earnings movers of the day. Tells the story
0:44.4	Meta getting absolutely crushed on weak earnings and that downbeat forecast
0:48.1	big time spending. Much more on that straight ahead. Caterpillar though is surging after beating on earnings
0:53.4	and revenue. Our parent company Comcast getting a boost as well and McDonald's in the
0:58.4	green after a beat up 3.5 percent. Coming up on the show today we're going to talk to
1:02.4	Lazard CEO of Financial Advisory,
1:04.4	Peter Orszag, about his outlook for deals and the state of investment banking. Lots more on the Fed and midterms as well.
1:11.5	Plus, we'll talk to Meta-Ver
1:13.0	and Meta-E-T founder Matthew Ball
	...

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