Closing Bell: Stocks snap 3-day losing streak, Airlines take off, and Fed Governor Waller on fighting inflation 4/13/22

Closing Bell

CNBC

Business, News

4.4 • 141 Ratings

🗓️ 13 April 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks rallying on Wall Street as the S&P and Nasdaq snapped 3-day losing streaks. Investors looking past a record gain in producer prices just a day after the hottest reading on consumer prices since 1981. Fed Governor Christopher Waller explains why he thinks inflation is peaking and how many more rate hikes it will take to get inflation under control. Mastercard Economics Institute Chief U.S. Economist Michelle Meyer discusses whether rising prices will force consumers to cut back on spending. And airline stocks soaring after Delta’s strong outlook. Jefferies’ Sheila Kahyaoglu unveils her top pick in the airline space. 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 at session highs here after yesterday's downward reversal with the NASDAQ jumping nearly 2%.
0:05.2	The most important hour of trading starts now. Welcome everyone to Closing Bell, I'm Sarah Eis and here's where we stand right now
0:11.5	in the market up 280 or so on the Dow.
0:14.3	Nice reversal from yesterday breaking a three day losing streak.
0:17.2	The S&P is up a firm 1% at the moment.
0:20.8	What's working, most of the sectors are higher. Consumer discretionary and
0:23.8	technology lead, those have been the biggest losing sectors. Energy's up today, materials as well. The
0:28.9	only two sectors in the red, financials will hit on those earnings and utilities and take a look at
0:34.4	consumer discretionary just want to highlight this into the close by far the top
0:37.7	performing sector today travel stocks are helping the group a lot
0:41.5	Marriott Norwegian Caesars, Hilton, all sharply higher.
0:45.7	Got positive comments and earnings out of Delta.
0:48.6	That's certainly how fueling a lot of optimism in that sector.
0:51.7	We've got a big interview coming up that you will not want
0:53.8	to miss. Fed Governor Christopher Waller will join us exclusively in just a few minutes to talk
0:58.8	about inflation, Fed policy, the economy, and much more on the back of two back-to-back very hot
1:04.7	inflation reports. Let's get to our top story today though that is bank earnings.
1:08.1	J.P. Morgan reporting a profit decline in its first quarter earnings this morning.
1:12.3	The decline was driven by
1:13.6	increased costs for bad loans and impact from the war in Ukraine. The stock is down
1:18.1	3.4 percent. The bank sector also taking a hit on the back of those earnings results and tomorrow we'll get
1:23.7	more earnings from City, Goldman Sachs, Morgan Stanley, and Wells Fargo.
	...

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