Closing Bell: Stocks kick off Q2 in the green, Council of Economic Advisers Chair on the March jobs report, and Cowen’s CEO on the bank’s new crypto offering 4/1/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 1 April 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The major averages closing in positive territory to start the second quarter as investors digest the March jobs report and oil prices falling below $100 a barrel. Council of Economic Advisers Chair Cecilia Rouse weighs in on the employment picture and whether releasing 1M barrels per day from the Strategic Petroleum Reserve will really help bring down gasoline prices. Meanwhile, RBC Capital Markets’ Lori Calvasina explains why she is downgrading the energy sector and reveals the sectors she favors instead. Bespoke’s Paul Hickey on where he sees value in tech. Kraneshares’ Brenand Ahern on the rebound in Chinese internet stocks. And Cowen CEO Jeff Solomon on the investment bank’s move to start offering spot trading of crypto and whether he thinks other big banks will follow that move. 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	Stocks have mostly turned higher here on this first day of the second quarter.
0:05.2	The most important hour of trading starts now.
0:07.6	Welcome to Closing Bell, everyone.
0:09.2	Happy Friday, I'm Sarah Eisen.
0:10.7	Here's where we stand this hour.
0:12.8	S. M. 500 looks like it wants to go positive.
0:14.7	Most of the sectors are stronger in the S&P.
0:17.0	Real estate leads the charge along with materials.
0:19.6	Industrials, tech and financials are lower and so is the NASDAQ.
0:23.7	The dow's up almost 100 points, about 85 points or so.
0:26.5	We're still a little bit weaker on the week, higher for the NASDAQ.
0:29.3	Here my top takeaways on some of the biggest stories today.
0:32.2	Transports are getting hit really hard right now,
0:34.2	down 4%.
0:35.7	It's the latest group to signal economic weakness.
0:37.9	Names like J.B. Hunt, Norfolk Southern, and United.
0:40.9	Trains, planes, trucks, Very economically sensitive. The group is
0:44.0	coming off of a great march, beating the market. That's an optimistic tell, but the
0:48.4	sharp sell-off today could be a problem and a signal that the mood is changing as
0:52.1	signs mount about slowdown and even recession.
0:55.0	Amazon Workers, they vote to unionize.
0:58.0	It marks the first successful union effort after a series of failed attempts.
	...

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