Closing Bell: Rollercoaster Ride, Crude Cut & Unilever CEO on Consumer Spending 9/6/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 6 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks taking investors on a wild ride. The market rallying out of the gate, but retreating throughout the session. The Nasdaq falling for the 7th straight day, the longest losing streak since 2016. Mobius Capital Partners' Founder Mark Mobius weighs in on the recent sell off and reveals which countries he thinks can deliver better returns than the U.S. Bridgewater's Karen Karniol-Tambour discusses why investing in China is a big part of her portfolio protection playbook. Citi Global Wealth Management's Kristen Bitterly remains bearish on the market, but reveals the two sectors she thinks can help investors play defense in this uncertain environment. Husseini Energy Founder Sadad Al-Husseini on how OPEC's oil production cut and Russia indefinitely suspending natural gas supplies to Europe will impact energy prices. And Unilever CEO Alan Jope on the state of consumer spending and whether people are trading down to cheaper products because of inflation and economic concerns. 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 volatile day here for stocks with a more than 400 point swing in the Dow.
0:06.3	The most important hour of trading starts now.
0:08.2	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:10.6	Take a look at where we stand right now in the market down about 200 points on the Dow.
0:14.8	Lower the day was down to 70.
0:16.4	High of the day, as you can see, we tried a few temps earlier in the session, up 145 points. These negative reversals are becoming a theme in the
0:25.6	trading sessions lately. The S&P 500 down 4 tenths of 1%. It's helped right
0:29.9	now by some of the defensive stocks which are higher on the day. We're talking about
0:33.6	groups like real estate utilities and health care. The NASDAQ's
0:37.0	underperforming as Treasury yields continue to shoot up. Ten year yield goes
0:40.4	past 330. The NASDAQ down about three quarters of 1%.
0:44.4	Take a look at health care.
0:45.5	One of the winners today with names like Johnson and Johnson, United Health, and
0:49.2	Merck leading the Dow, you had a deal, CVS for Signify Health, and also it's just traditionally a
0:55.0	safe haven or defensive place to go when there are worries on Wall Street.
0:58.8	Coming up this hour, Mobius Capital Partners, founder Mark Mobius, on the recent weakness here and abroad
1:04.8	where he's finding opportunities amid the volatility. Plus we will also
1:08.0	discuss the outlook for consumer spending and inflation with the CEO of Unilever, Alan Jope.
1:14.0	We'll start off though with today's market dashboard, senior markets commentator Mike Santoli,
1:19.0	tracking this pullback down half a percent now on the S&P 500. What levels are you watching?
1:24.0	3,900 is the one that it's been toggling above and below for a while today.
1:28.4	Also on in focus on Friday, remember the S&P was down about a percent and a half in the last few hours of trading on Friday. Remember, the S&P was down about a percent and a half in the last few hours of trading on Friday.
	...

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