Closing Bell: Stocks Seesaw, All Eyes On The Fed and Crypto Winter 6/14/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 14 June 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

It was a wild ride on Wall Street. Stocks rallying at the open before sinking sharply into the red and then staging a comeback late in the session as investors remain on edge ahead of tomorrow's Fed decision. Goldman Sachs Chief Economist Jan Hatzius on growing expectations the Federal Reserve will raise interest rates by 75 basis points tomorrow and the impact that will have on inflation and the economy. But Fmr. Kansas City Fed President Thomas Hoenig explains why he still thinks the Fed will only raise interest rates by 50 basis points and cautions 75 basis points would be a mistake. Mizuho's Dan Dolev reacts to Coinbase's CEO announcing layoffs and warning of a "crypto winter" ahead. And Jefferies Healthcare & Biotech Analyst Michael Yee on the FDA panel deciding whether to recommend Moderna's Covid vaccine for children ages 6 to 17. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0	Stocks trading in a narrower range after yesterday's sell-off, but we are near session lows.
0:04.7	We've given up some early gains as we await tomorrow's big fed decision.
0:08.2	The most important hour of trading starts now.
0:10.6	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:12.9	Take a look at where we stand in the market.
0:14.4	Again, a few attempts to go positive today, which would break a five day losing streak.
0:17.9	But we've given up those gains.
0:20.2	The Dow is now down more than 200 points.
0:23.0	S&P 500 down 3 quarters of 1%.
0:25.0	There is one sector that's positive right now in the S&P,
0:28.0	and that's technology.
0:30.0	Thanks in part to Oracle.
0:31.0	Better forecast, 30% cloud growth.
0:33.2	That's helping some of those names right now,
0:35.0	but you still have weakness, pretty much across the board.
0:37.6	The worst performing sector today is utilities
0:39.6	and consumer staples in health care.
0:41.2	So the defenses are getting hit a little bit harder.
0:44.0	Nasdak only down a quarter of 1% check out the chart of the day.
0:47.8	That would be FedEx getting a huge boost on news of a dividend hike and new board
0:52.2	members.
0:53.0	We're going to talk much more about that move,
	...

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.