Closing Bell: Stocks Soar, Fmr. Treasury Secretary Jack Lew On Inflation and A Tale Of Two Retailers 5/17/22

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 17 May 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks rallying as investors go bargain shopping following the recent sell off. Walmart one of the few members of the Dow under pressure after an earnings miss, but fellow retailer and Dow stock Home Depot reporting strong results. Evercore ISI's Greg Melich discusses whether Walmart's earnings miss is the canary in the coal mine for retail stocks and The Luethold Group's Jim Paulsen explains why he likes consumer discretionary stocks, which have been hit hard this year amid fears about inflation and a possible recession. Former Treasury Secretary Jack Lew explains why he sees some signs that inflation may be peaking and whether the Fed risks creating a recession by fighting inflation too aggressively. And Citi's Kristen Bitterly reveals why she is bullish on cybersecurity and pharmaceutical stocks. 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 rallying with the NASDAQ in the lead. The most important hour of
0:03.2	trading starts now. Welcome everyone to Closing Bell. I'm Sarah Eisen. Take a
0:07.5	look at where we stand in the market up almost 400 points on the Dow
0:10.8	not too far off the highs. S&P's up one and three quarters percent.
0:14.0	Every sector is green right now except for consumer staples.
0:17.0	You've got technology stocks leading and coming back today.
0:20.0	Financials are also doing quite well material, so it's a mix of the cyclical groups the beaten down groups and even a little bit of the defensive.
0:27.0	And as it composite up the most of course it's been down the most it's up 2.4% as we speak. The tenure no yield also going back up.
0:35.8	We've seen that stabilized lower. It's still below 3% but it is reversing the trend of the last few
0:41.1	sessions. Check out some of the top performers right now on that Nasdeck 100. the doctors and the Chinese internet names. That's what's leading us higher today.
0:54.6	You've also got a lot of the software names
0:56.8	leading and some of the mega cap tech as well.
0:58.8	We'll talk more about the strength and chips in particular
1:00.8	later in the show.
1:01.6	Also ahead, an exclusive interview
1:03.4	with the former Treasury Secretary Jack Lou
1:05.8	on inflation fears and whether or not
1:07.4	he thinks the US is heading toward a recession.
1:10.6	Let's get to our top story, though.
1:12.2	Two retailers with two very different earnings
1:14.7	report. What does it tell us about the market and consumers? Inflation and
1:18.2	supply chain eating into Walmart's results this morning, missing analyst estimates,
	...

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