Closing Bell: Stocks rally into the close, National Economic Council Director Brian Deese on the state of the economy & consumer, and Carnival’s CEO on when the cruise line could return to normal 3/22/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 22 March 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closing near the highs of the trading day as investors raise interest rate hike expectations. National Economic Council Director Brian Deese on the strength of consumer demand and the labor market. Carnival CEO Arnold Donald discusses booking strength and when the cruise line could return to normal. And Interactive Brokers Chairman Thomas Peterffy on why he thinks the return of the meme stock rally is bad for retail traders. 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 are firmly in the green and yields are at multi-year highs.
0:05.0	The most important hour of trading starts now.
0:07.8	Welcome to Closing Bell, everyone. I'm Sarah Eis and here's where we stand in the market,
0:12.0	rising again, the S&P higher for the fifth time in the last
0:14.4	six sessions and up a full percent as we go into the close.
0:17.9	The Dow is off session highs but still up a healthy more than 200 points.
0:21.2	The NASDAQ is doing the best of the big three up 2% right now.
0:25.5	Technology and consumer discretionary in the lead. Small caps also coming back up more than 1%.
0:29.7	We're higher for the month of March and we are building on last week's big wind streak.
0:34.1	Here my top takeaway is on the biggest stories today. Nike jumping. You will hear
0:39.2	analysts talk about China, supply chain improvement, pricing power, all true.
0:43.7	But one thing to pay attention to that nobody's talking about yet,
0:46.7	Nike's new virtual strategy in the call last night,
0:49.9	CEO John Donahoe announced Nike Virtual Studios to build Web3 products. Y'
0:53.3	John Donahoe announced Nike Virtual Studios
0:53.4	to build Web3 products and experiences
0:56.0	and to scale it.
0:57.3	Nike acquired a startup artifact, launched its first
0:59.7	NFT this quarter.
1:01.1	Reminder, Nike was ahead of the pack on digital, so watch this space.
1:05.0	A lot of companies did well during the pandemic and into this year because of
1:09.0	lockdowns, work from home, virtual school, and consumer staples especially, but that trade is not
	...

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