Closing Bell: Stocks Seesaw, Trusting the Fed & Crocs CEO on Consumer Spending 9/8/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 8 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

A volatile session on Wall Street after Fed Chairman Jay Powell reiterated the Fed will do whatever it takes to tame inflation and suggested a pivot to cutting rates is not on the table. Lazard CEO of Financial Advisory Peter Orszag discusses the impact the Fed's rate hikes are having on the economy and market and whether the central bank can tame inflation without causing a recession. Plus, he explains why he thinks the European Central Bank made a mistake by raising interest rates by 75 basis points today. Clocktower Chief Strategist Marko Papic says you can't trust what the Fed is saying and explains why he thinks there will be a pivot once inflation peaks. Becton Dickinson CEO Tom Polen discusses his company's Monkey Pox tests, whether consumers are still buying COVID tests with transmission rates on the decline and if his company is still facing supply chain challenges. And Crocs CEO Andrew Rees discusses the state of consumer spending and whether inflation is impacting sales. 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	Welcome everyone to closing bell I'm Sarah Eisen we actually begin today with a moment of silence here at the New York Stock Exchange and the Nasdac to honor the life and service of Queen Elizabeth the second.
0:12.1	Let's listen in.
0:13.0	Now, the last minute or so.
0:16.0	So,
0:18.0	14% for the able. That was Lynn Martin, the head of the New York Stock Exchange.
0:36.3	We're going to have much more coverage of the Queen's death later in the hour and
0:40.1	throughout the hours here on C. M. B. C.
0:42.4	But first, let's show you where things stand in the market final hour of trading
0:45.7	we've been up and down today all over the map looks like we're holding the
0:49.0	gains here with the Dow up about
0:51.1	83 points kind of in the middle of the range we were as high as 200
0:54.8	points as low as 259 points down. Nasdaq's lagging technology it's still
1:00.5	higher right now but it is underperforming We're seeing higher Treasury yields again.
1:04.2	That relationship is intact. The dollar's a bit weaker, and the S&P is up about a quarter of 1%.
1:10.1	What's working, financials, health care materials, consumer discretionary and energy.
1:14.0	All those sectors are green right now.
1:16.2	Communication services and staples are bringing up the rear.
1:18.8	Coming up this hour, we're going to discuss the outlook for the market, the economy, and of course
1:22.4	deal-making with Lazard CEO, a financial
1:25.3	advisory, Peter Orszag.
1:27.4	And the CEO of Crocks will be here to weigh in on the state of the consumer, supply chain issues,
1:31.8	and some concerns about growth in their largest market in
	...

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