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Closing Bell

Closing Bell: Stocks sink & the CEOs of Under Armour & Adidas on consumer spending 5/6/22

Closing Bell

CNBC

News, Business

4.4140 Ratings

🗓️ 6 May 2022

⏱️ 43 minutes

🧾️ Download transcript

Summary

Stocks selling off for a second straight day after the worst day for the major averages since 2020, although the market closed well off session lows. Ally’s Lindsey Bell explains why she's turning optimistic amid the recent sell off. Axonic’s Peter Cecchini, however, says he would be a seller into any near-term rallies. Evercore ISI’s Mark Mahaney on whether he sees value in the beaten down tech sector. JP Morgan Chief U.S. Economist Mike Feroli weighs in on the better than expected April jobs report. And Under Armour CEO Patrik Frisk and Adidas CEO Kasper Rorsted discuss how supply chain challenges and covid lockdowns in China are impacting their businesses. 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 under pressure again, but off the worst levels in what has been another choppy session here on Wall Street.

0:05.1

Welcome to Closing Bell everyone. I'm Sarah Eisen. Here's where we stand right now in the market.

0:09.6

Down a little more than a percent on the S&P 500. Not every sector is negative though most

0:15.0

are energy and utilities just popping into the green. They're higher but everyone else is

0:20.1

down. Materials are the hardest hit today. Real estate at the bottom of the

0:23.1

list as well. Some of the high growth software names getting hit again. The

0:27.0

NASDAQ 100 down 1.7 percent. That's where the brunt of the pain has been

0:31.5

this week. And after all these crazy swings

0:34.4

we're going out Friday with only a decline of about seven-tenths of 1% for the

0:39.4

S&P 500 feels a lot bigger after a day like yesterday and the selling continuing today.

0:43.0

We'll guide you through this final hour.

0:45.0

Check out the most actively traded names here at the New York Stock Exchange right now.

0:49.0

We've got Ford continues to be on the list of Most Highly Traded.

0:52.0

It's been lower for the past few days, down 2.5 percent right now.

0:54.9

Palantir, Neo, EVs getting a lot of attention and Uber and earnings loser on the week down another 3% today.

1:01.6

Coming up on today's show, the CEOs of two companies in the eye of the market

1:06.0

storm today. We will talk to Under Armour Chief Patrick Fris, his stock getting absolutely

1:10.7

hammered, losing a quarter of its value as we speak after

1:14.1

missing earnings estimates and giving weak guidance. The macroeconomics, especially

1:18.2

China, very much at play. Plus the CEO of Adidas will join us as that stock

1:22.3

pulls back as well on concerns about slowing sales in China

1:25.2

A lot of the apparel names are all down in sympathy Nike the big competitor here is the biggest drag right now on the Tao

...

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