Closing Bell: Stocks Soar, Tech Sell Off Blame Game and Game On For M&A? 5/23/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 23 May 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks staging a big rally on Wall Street as investors go bargain shopping following an 8-week losing streak. Fundstrat’s Tom Lee weighs in on today's rally and whether the market may have more room to run higher. Bank of America’s Jill Carey-Hall explains why recession risks may already be priced into small cap stocks. Tusk Ventures CEO Bradley Tusk explains why he blames venture capital firms for the terrible year tech stocks have had. And Take-Two Interactive completing its acquisition of Zynga today. CEO Strauss Zelnick discusses whether more M&A is looming in the video game industry. 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 broadly higher to kick off a new trading week with a dowel up more than 600 points as we head toward the close.
0:05.4	The most important hour of trading starts right now.
0:08.1	Welcome to the closing bell.
0:09.5	I'm Melissa Lee in today for Sarah Eisen, who is on assignment in Davos.
0:13.0	Let's take a check on where we stand in the markets.
0:15.0	The Dow Jones Industrial Average surging higher up by 2% helped by J.P. Morgan, Goldman Sachs.
0:21.0	Walmart really called the J.P. Morgan Jimmy Diamond Rally. We'll get more on that. and following optimistic comments from Jamie Diamond at the investor day.
0:34.0	Energy not too far behind even though W.T.I is fairly flat on the session.
0:38.0	It's up by 2.3.5% Staples getting a bid to up 2%
0:42.0	coming up on today's show can you trust this market bounce back
0:45.8	we'll ask fun strats Tom Lee if he thinks the bottom is behind us or if there is more
0:50.2	pain to come plus video game stocks have held up relatively well during the
0:53.8	latest about a selling we'll talk to the CEO take two about the closing of its deal
0:58.0	to buy Zinga and about fresh M&A speculation in the space We begin this hour though with the banks.
1:04.7	Jamie Diamond wrapping up remarks
1:06.4	of the J.P. Morgan investor day
1:08.0	where earlier comments helped spawn this rally
1:10.2	we are seeing in the financials.
1:12.0	Leslie Picker is there on the ground at the
1:13.8	conference at the very latest. Leslie.
1:15.8	Hey Melissa, that's right. Chairman and CEO Jamie Diamond just wrapping up
1:20.7	JP Morgan's investor day with the Q&A portion of the event he shared an analogy
	...

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