Closing Bell: Stocks sink as oil spikes, CME Group’s CEO on wild swings in commodity prices, and Petco’s CEO on whether the pet industry is inflation-proof. 3/23/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 23 March 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks closing near session lows as oil prices jump to nearly $115. Cannacord Chief Market Strategist Tony Dwyer explains why he thinks investors should be buying stocks on bouts of weakness. CME Group Chairman & CEO Terry Duffy on the recent volatility in commodity prices and his exchange launching new crypto products. And Petco’s CEO discusses whether customers are still spending big bucks on their pets despite the spike in inflation. 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 down, yields are slumping and oil is jumping. The most important hour of
0:06.6	trading starts now. Welcome to Closing Bell everyone, I'm Sarah Eisen. Here's where things stand in
0:12.2	the market right now, Down 350 on the Dow,
0:14.4	S&P 500, pulling back a full percent. Only sectors higher right now are energy and utilities.
0:19.6	The NASDAQ down a full percent as well in small caps getting beaten up hard down 1.5 percent a reversal
0:25.3	from yesterday down now down for the week.
0:28.0	Here my top takeaways on today's big stories.
0:31.1	General Mills finally seeing some pricing power.
0:33.2	Great for investors, not so much for consumers.
0:35.8	The company behind Cheerios and Betty Crocker says,
0:38.6	profit was a beat, the outlook is strong.
0:41.0	After struggling last quarter. Why?
0:42.7	More people are eating at home and more importantly,
0:45.4	they are paying more for groceries.
0:47.2	Expect more price hikes on your pantry items.
0:50.3	On inflation, with gas prices spiking,
0:52.2	there's a lot of worry about whether US consumers can handle it.
0:55.0	Well it's sink us into recession.
0:57.0	Wells Fargo's economic team took a look today and says no.
1:00.0	Importantly, wages have outpaced gas prices over time, especially with this latest wage bump.
1:05.8	So even with record high gas, the outlays, which is how much we spend based on what we earn,
1:11.2	aren't as high as in other cycles.
	...

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