Closing Bell: Stocks Soar, Apple's Big Announcement & Kellogg's CEO on Consumer Spending 9/7/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 7 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks rallying and the Nasdaq snapping a 7-day losing streak thanks to lower interest rates and oil prices. All eyes were on Apple today, which announced several new products including the iPhone 14 and new Apple Watches. Wedbush's Dan Ives says the price increase on Apple's new iPhone 14 will be a catalyst for the stock to rally. Kellogg CEO Steve Cahillane says he sees resilience in the state of the consumer and does not see people trading down to lower priced products, but does see some costs such as higher wages sticking around. Macquarie's Tim Nollen upgrading shares of Netflix and explains why he is bullish on the streaming giant's upcoming ad tier. And Lightspeed Partner Michael Mignano discusses the outlook for private company valuations and the IPO market. 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	We're at the highs of the day right now. Stocks posting a bit of a relief rally as
0:05.9	the Nasdek breaks its longest losing streak in almost six years. The most important
0:10.3	hour of trading starts now. Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:14.3	Take a look at where we stand right now in the market.
0:16.8	The Dow is higher by about 150 points, about 466 points higher.
0:21.8	The S&P 500 up 1.8%. Every sector is positive right now except for
0:26.3	it looks like energy. The leaders it's it's kind of defensive. You've got utilities at the top
0:30.8	but consumer discretionary materials are right down there behind it.
0:34.2	So it's broadening out this rally throughout the day.
0:36.7	29 out of 30 Dow stocks higher.
0:38.3	Only Chevron is in the red.
0:40.3	Home Depot is the biggest contributor to the games.
0:42.3	There's the sector heat map as you
0:43.7	can see. Lots of green on the screen 2% gains plus for all of those groups, financials, communication
0:48.7	services, materials, discretionary and utilities. Coming up this hour, we will discuss the strength of the consumer,
0:55.1	inflation, supply chain issues.
0:57.6	We've got an exclusive interview with the CEO of Kellogg.
1:00.7	Apple, though, first up, announcing several new products just this afternoon, including the highly anticipated iPhone 14.
1:07.0	Our Steve Kovac in Cupertino, California, with all the highlights. Steve, what do we need to know?
1:13.0	Hey there, Sarah, yeah, let's start off with that iPhone 14.
1:16.0	So we have two regular models announced.
1:18.0	That's an iPhone 14, iPhone 14. Plus, they got rid of the iPhone 14 mini, so no more small version of the iPhone 14 plus they got rid of the iPhone 14 mini so no more small version of the
	...

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