Closing Bell: Stocks slide to end the quarter, Meta’s misery, Nike nosedives, Is a recession inevitable? 9/30/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 30 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks fell hard once again on Friday, with losses accelerating in the final minutes of trade to close out a brutal month and quarter for the bulls. Market experts Nancy Tengler and Scott Wren discuss ideas for the fourth quarter in this uncertain investing environment. The chair of the National Bureau of Economic Research, which is tasked with officially designating a recession, gives his view on the current state of the economy. Analyst Brian Nagel weighs in on Nike’s post-earnings nosedive. And with Meta shares down more than 50% on the year, a bull and a bear debate the company’s future prospects in light of a slew of headwinds. 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	Yep, thanks Tyler, and Contessa.
0:02.0	Stocks are falling again on Wall Street
0:03.6	as we wrap up a downbeat quarter
0:05.6	and an awful month for the Bulls.
0:07.7	We're near session lows.
0:08.6	The most important hour of trading starts now.
0:10.9	Welcome to Closing Bell, everyone.
0:12.3	I'm Sarah Eisen. Take a look at where we stand right now. Welcome to Closing Bell everyone. I'm Sarah Eisen. Take a look at where we
0:13.7	stand right now in the market. We're down. On the Dow 1.22 percent, about
0:19.3	350 points right now. S&P 500 is down a full percent. The only sector that is
0:23.8	remaining higher at the moment is real estate. Everybody else is lower.
0:27.4	Utilities and consumer staples are near the bottom of the market. A lot of
0:31.3	staples. P&G for instance, Mondeleis on the list of
0:35.1	52 week lows today. Nasak composite down three quarters of 1% for the week as a whole
0:39.8	we are down 2%. And take a look at the biggest decliners this quarter on the Dow spanning a range of
0:46.2	industries. It's been absolutely tough from Intel, Verizon, Nike which is trading at the lowest
0:51.5	level today since April 2020, Walgreens, and IBM
0:55.9	double-digit declines across the board in the last three months.
0:58.6	Coming up on the show today, we will talk to John Lipsky, the chair of the National Bureau of Economic Research.
1:03.7	That's the group that is tasked with officially designating a recession.
1:08.0	Hasn't done so yet.
1:09.3	As talk of a global economic slowdown does heat up, we'll see where he stands on that debate.
	...

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