Closing Bell Overtime: State of the Consumer 05/26/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 26 May 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

How much is inflation eating into retail profits? Stephanie Link from Hightower reacts to earnings reports from Ulta, Gap, and Costco. Plus, value investor Scott Black from Delphi Management says stocks might be “slightly overvalued.” And, Michael Santoli “Rates the Rally” in his “Last Word.” 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	All right now.
0:01.0	All right, Mel, thanks so much.
0:02.0	Welcome everybody.
0:03.0	I'm Scott Watrey, you just heard the bells.
0:04.0	We're just getting started right here.
0:05.0	In fact, any minute now we will get earnings from Costco, what is now a critical
0:09.8	read on the state of the consumer and just how much inflation is eating into retail
0:13.8	profits we begin though with our talk to the tape the tech bounces the NASDAQ
0:17.5	surges and some say the signs of a near-term bottom might be in place.
0:22.8	Let's ask Stephanie Link, she's been cutting back her exposure to growth lately.
0:27.1	She is High Towers Chief Investment Strategist, a member of course of the Half-Time Investment
0:31.1	Committee as well.
0:32.1	I'm looking, it's nice to see you as always.
0:33.8	A better than 300-point jump in the NASDAQ.
0:37.8	Our signs now, as we ask in place, that this bounce can continue, at least that we have a near term bottom?
0:44.0	Well yeah I mean the the sector is down 21% year to date and some of the stocks
0:52.0	Scott are down 30 40 40, 50%. So could we see a bounce?
0:56.0	Absolutely. Could it be kind of a lengthy one? Maybe. But I think you have to step back
1:01.1	after the bounce and see what your view is on the macro.
1:04.8	Do you think the Fed is going to be aggressive and do you think inflation is going to stay
1:08.9	high?
1:09.9	If that's the case, you don't want to own long duration assets, you don't want to own growth.
	...

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