Closing Bell: Stocks dip in volatile session, World Bank slashes it’s growth outlook, and Goldman Sachs’ chief economist lays out a new call on housing 4/18/22

Closing Bell

CNBC

Business, News

4.4 • 141 Ratings

🗓️ 18 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks ended the day lower after a seesaw session. Jason Trennert from Strategas and Jim Bianco from Bianco Research debate the impact of rising rates on the market, as yields on the 10-Year treasury note hit their highest level since 2018. The CEO of KBW gives his take on bank stocks, following a divergent performance for Bank of America and Charles Schwab on the back of results. World Bank President David Malpass explains why his organization just slashed its global growth forecast by nearly a full percentage point. And Goldman Sachs chief economist Jan Hatzius breaks down a new call on the housing market, with mortgage rates topping 5%.

Transcript

Click on a timestamp to play from that location

0:00.0	Fox mostly higher heading into the close after an up and down session the most important hour of trading starts now
0:05.8	Welcome everyone to closing bell I'm Sarah Eisner's and here's where we stand in the market
0:10.4	Higher as I mentioned though off the highs of the day,
0:12.5	dial got as high as up one 67, we've lost a lot of those gains up 34 points
0:16.7	or so. Best performer is energy, financials, consumer, discretionary technology
0:21.0	and materials, some of the hardest-tech groups like semis and software
0:24.8	are bouncing back today, but you've got weakness in the defensive groups like
0:27.6	health care and consumer staples weighing on the overall market. The NASDAQ is
0:31.2	flat and small caps are lower.
0:33.2	Want to zoom in on the energy sector because it is the best performer today, oil prices
0:37.2	are rising and names like Valero, Kotera Energy, Phillips 66 and Occidental
0:42.4	are leading the charge in this market.
0:45.0	Coming up on today's show, Goldman Sachs Chief Economist Jan Hatzius out with a new note today
0:49.5	on the impact of higher mortgage rates on the hot housing market.
0:53.2	He'll join us with his outlook for the space.
0:55.2	Homebuilders have been wrecked this year.
0:57.4	Plus, the World Bank just slashed its global growth forecast this year by nearly
1:01.0	a full percentage point. We'll ask the president David
1:03.8	Malp asked what's behind the downbeat projection. First up major
1:07.3	averages volatile in the session today. We're not trading higher despite the
1:10.6	ten-year Treasury of continuing to march to new multi-year
1:13.9	high today hitting its highest level since December 2018. Let's bring in Jason
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.