Closing Bell: Searching For Direction, Bank Earnings Preview & Cancer Vaccine Partnership 10/12/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 12 October 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks struggling to find direction after the Federal Reserve's last meeting minutes showed the central bank will keep hiking rates until inflation begins to cool. But there was some optimism that the Fed could slow its tightening if financial market turbulence continues. Allianz Chief Economic Advisor Mohamed El-Erian discusses whether the Fed will be able to manage a soft landing and what he expects from Thursday's key consumer inflation report. Morgan Stanley's Betsy Graseck explains why bank investors should strap in for a rocky ride this earnings season and reveals which bank should stand out from its peers. And Jefferies' Michael Yee on what Moderna's partnerships to jointly develop a skin cancer vaccine with Merck means for those stocks. 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	More uncertainty on Wall Street today as stock search for direction ahead of tomorrow's big inflation report.
0:05.6	This is the make or break hour for your money.
0:08.0	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:10.4	Take a look at where we stand right now.
0:12.1	As Tyler and Morgan we're talking
0:13.4	about up and down up and down kind of day there is the Dow it remains higher the
0:17.3	highs of the day up 215 points but the low of the day was down 103
0:22.2	we're higher at the moment.
0:23.2	The S&P 500, little change.
0:25.2	Doesn't tell the full picture though,
0:26.6	because you have some groups that are doing really well today,
0:29.4	like consumer staples and energy.
0:31.0	Stables up almost a percent, energy stocks up almost a percent,
0:34.0	but then you've got utilities, real estate, and materials
0:36.0	lagging on the day.
0:38.0	The NASDAQ slightly higher.
0:40.0	Can we break the losing streak?
0:41.0	Remember, we're coming off of five down days for the
0:43.9	market. Chart of the day. Moderna near the top of the S&B 500 right now on news of a
0:49.3	joint effort with Merck to develop a cancer vaccine. We're going to talk to an analyst about
0:53.8	just how big that opportunity could be for this company. Also ahead this hour
0:58.4	Mohammed Alarian will join us with his first reaction to those Fed minutes just
	...

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