Closing Bell: Stocks stage late rally, Tesla split takes effect, Retail goes on sale 8/25/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 25 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks staged a rally in the final hour of trading – with the Dow gaining more than 300 points, and the Nasdaq popping by more than 1.5%. PIMCO’s Tony Crescenzi joins to discuss the latest signals from the Fed ahead of chair Powell’s Friday speech. Meantime Tesla ticked lower as its 3-for-1 stock split took effect. Analyst Craig Irwin discusses what the split means for shareholders. And retail names like Burlington and Abercrombie pulled back as earnings raised new concerns about the state of the consumer. Dana Telsey from Telsey Advisory Group breaks down her retail shopping list. 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 moving higher as Wall Street awaits Fed Chair Powell's speech in Jackson Hole.
0:04.0	Although Salesforce is keeping the Dow's gains in check.
0:07.2	The most important hour of the trading day starts now.
0:09.5	Welcome to Closing Bell.
0:10.7	I'm Carl Cantonaya Infissera Eyes and here's where things stand this afternoon.
0:14.2	Some steady acceptance of the Fed speak today and the corporate results we've gotten.
0:17.7	Oil below 93, Vix below 23. Check out some of the big earnings movers today.
0:22.0	Salesforce, as we said, weighing heavily on the Dow
0:24.7	after cutting their guide, Peloton plunging,
0:27.2	and Vidia, actually higher after that initial dip
0:30.4	and snowflake heating up on an earnings beat.
0:33.0	Ahead on today's show, we're going to talk to former Ford CEO, Mark Fields, about California's new effort to ban the sale of gas-powered cars by 2035.
0:45.0	First up that we're going to bring in Pimco's 20 Crescenza.
0:47.0	Talk about Jackson Hole today, and of course,
0:49.4	what may come tomorrow, Tony.
0:50.8	It's great to have you back.
0:51.7	We actually spoke a few days ago going
0:53.8	into the symposium and I wonder after Bullard and Harker and George and Bostick
0:58.3	today have they foam the runway enough is the chair's job a little bit easier tomorrow?
1:04.0	Well it should be. In this day and age, transparency is the name of the game at the Federal
1:09.0	Reserve. There aren't as many secrets as they once were, and especially going back to the first time a
1:14.4	Fed chair attended the Jackson Hole Symposium, Chair Volker in 1982.
	...

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