Closing Bell: Stocks Sink, Jobs Jolt & The High Is Gone 10/7/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 7 October 2022

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Stocks staging a big sell off to end the week after the unemployment rate fell to 3.5%, raising fears the Federal Reserve will continue to aggressively raise interest rates to fight inflation. Fundstrat's Tom Lee explains why he remains a long term bull despite so many market headwinds. Miller Tabak's Matt Maley says Apple is a key stock to watch in order to determine whether the market will continue selling off. Loup Ventures Founder Gene Munster reveals which tech stocks he will buy if they continue falling. Bank of America Securities' Jill Carey Hall explains why she thinks small caps are too cheap to ignore after underperforming the broader market over the last year. World Bank President David Malpass on the rising fears of a global recession. And pot stocks slumping a day after a big rally on news President Biden was pardoning thousands of people convicted of marijuana possession. Tilray Brands' CEO Irwin Simon discusses what that news means for his company and industry. 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 pulling back sharply here as investors way how that strong jobs number will impact the Fed's next move and corporate warnings are piling up.
0:10.0	This is the make or break hour for your money. Welcome everyone to Closing Bell.
0:13.8	I'm Sarah Eisen.
0:14.7	Take a look at where we stand right now in the market near the lows of the day.
0:17.9	As you can see, we've been drifting lower all afternoon,
0:20.6	down 2.2% on the Dow.
0:22.4	S&P 500 down almost 3%,
0:24.5	it's looking like an ugly close
0:25.7	with the NASDAQ down 3.6% and small caps
0:28.9	giving back 3% as well.
0:30.8	We're actually still higher for the week. Take a look at a weekly chart here,
0:35.6	up 1.5% on the S&P 500, still holding on to Gaines after that big rally we got on
0:40.6	Monday and Tuesday.
0:42.6	It is actually the first positive week
0:44.6	in the last four for the overall market,
0:46.4	but not looking pretty right now.
0:48.0	Coming up on the show today, Funstrats Tom Lee
0:50.5	will join us with his latest read on the market
0:52.4	after today's jobs report and ahead
0:54.0	of CPI, the inflation read, next week.
0:57.4	Plus we will talk to the CEO of Tilray, which spiked yesterday 30 percent after President
1:02.3	Biden's surprise pardon for some marijuana
	...

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