Closing Bell: Stocks Lose Steam, High Energy & Flexible Living 8/29/22

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 29 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks staging a big mid-day comeback after opening deep in the red, but the market lost steam into the close. Bespoke's Paul Hickey says it is too soon to call the end of the summer rally, but things could get tricky for investors in September. Canyon Partners Co-Founder Josh Friedman thinks the Fed could oversteer its attempt to fight inflation and that could lead to a long malaise, not a recession, and he reveals where he sees distressed opportunities in this market. Medley Global Advisors' Ben Emons says investors should remain defensive in this rising rate environment. Ariel's Charlie Bobrinskoy says energy stocks still look cheap despite today's rally in oil. He reveals his top energy pick. And Landing CEO Bill Smith discusses the outlook for the flexible living industry and competing with Adam Neumann's new concept called Flow.

Transcript

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0:00.0	Staging an impressive rally here off the lows with the Dow and the
0:03.2	S&P clawing back from a 1% drop those still in the red. The Dow went
0:07.1	positive briefly. The most important hour of trading starts now. Welcome
0:10.7	everyone to Closing Bell, I'm Sarah Eisen.
0:12.8	Take a look at where we stand right now in the market.
0:15.2	You've got three sectors green, and that's helping the S&P 500, which is only now down a
0:19.9	little more than a tenth of 1%.
0:21.6	Energy utility staples, and industrial is actually, just adding to the green pile.
0:24.8	We've got on the bottom of the market, technology, health care, financials and communication services.
0:30.0	It's why the NASDAQ is underperforming. It's down half a percent, though, this all looked a lot worse earlier in the day
0:35.6	at the low of the session the Dow was down 310 points NASDAQ was down 160
0:40.7	so we've really come back here off the lows take a look at the Dow stocks that are
0:44.3	leading the intraday comeback right now it's a mix of energy you've got Chevron up there
0:50.4	Walmart Boeing Verizon IBM salesforce 3M and Microsoft are the biggest drives
0:55.5	right now.
0:56.5	Coming up on the show today, Canyon Partners co-founder Josh Friedman, here to talk about the
1:01.5	bond market as the yield on the two-year Treasury note hits the highest level since 2007.
1:07.0	He'll give us his playbook amid the renewed market volatility.
1:10.0	We'll kick it off though with today's market dashboard. Senior markets
1:13.2	commentator Mike Santoli here with a closer look at how much damage Mike has
1:17.2	really been done by this most recent pullback. I go away for a week and
1:21.7	what happens to the market.
	...

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