Closing Bell: Stocks suffer worst day since 2020 as hot inflation cools market 9/13/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 13 September 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

A surprisingly hot inflation print sent the major averages plummeting on Tuesday, with the Dow, S&P 500 and Nasdaq posting their worst session since the early days of the pandemic. David Zervos from Jefferies, Anastasia Amoroso from iCapital, and Richard Bernstein from Richard Bernstein Advisors discuss the implications for the Fed’s rate hike timeline. Dan Niles breaks down the trade in hard-hit tech, and explains why he thinks inflation will remain higher for longer than most people think. And the CEO of Wingstop talks about rising food costs, which jumped by the most since 1979. 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 plummeting here. That hot inflation number sends a chill across Wall Street.
0:04.8	The Dow is down almost 1100 points right now. The most important hour of trading begins now.
0:09.9	Welcome everyone to Closing Bell. I'm Sarah Eisen. let's show you where we stand in the market
0:14.3	a more than 1,000 point sell-off in the dows just about the worst level of the day.
0:18.1	30 out of 30 dao stocks right now are weaker biggest drgest drags, United Health Care, Goldman Sachs and Home Depot,
0:26.0	those three together dragging about 300 points alone. But you've got everybody weaker. Verizon's
0:31.0	holding up the best along with Merck and Walgreens, but all still lower.
0:34.3	S&P 500 down 3.6 percent.
0:36.5	We are looking at our worst day in a while.
0:38.9	For the NASDAQ down 4.5 percent, worst day since June for the NASDAQ.
0:43.6	Tech is the hardest hit right now.
0:45.6	As we've been seeing in this bare market when interest rate spike,
0:49.1	the two-year yield is at the highest level since 2007
0:52.2	and those interest rate sensitive tech stocks
0:54.2	are getting slammed Apple Microsoft Amazon Meta. I'll give you a live look at the
0:58.1	worst performing S&P 500 sectors right now and again every sector is in the red but at the very bottom of the list as
1:04.9	you can see communication services technology discretionary financials and real
1:10.4	estate that yield curve inverting even further where the two-year
1:14.5	yield spikes over the 10-year yield a signal of recession. We're all over this
1:18.1	market sell-off for you. Throughout the show we've got a great lineup of guests
1:21.7	including David Zervos from Jeffries and
1:24.1	Eastasia Amarozo from I Capital. Dan Niles on the Tech Rec and Carliles
	...

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