Closing Bell: Tech Surges, Elon Musk takes a big stake in Twitter, and Risks of a Recession 4/4/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 4 April 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Tech stocks rallying to start the week on Wall Street after Tesla CEO Elon Musk bought a 9% stake in Twitter. Jefferies’ Brent Thill discusses whether Musk’s purchase could impact Twitter’s strategy. Former Federal Reserve Vice Chairman Roger Ferguson reacts to JPMorgan CEO Jamie Dimon’s warning that the Fed could hike rates more than Wall St. is expecting and whether the risk of a recession is rising. And Wells Fargo’s Mike Mayo explains why he is cutting his price target on Morgan Stanley & JP Morgan and the bank stock he thinks looks most attractive in a rising rate environment. 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 at session high as the Nasdaq's jumping nearly 2%.
0:05.4	The most important hour of trading starts now.
0:07.6	Welcome to Closing Bell, everyone.
0:08.7	I'm Sarah Eisen.
0:10.0	Here's where we stand right now in the market.
0:11.9	Tech Heavy Nasdaq stands out today,
0:13.9	up 1.3.5%, but everybody's higher
0:16.8	and we've recovered from a nearly 200 point decline in the Dow.
0:19.9	S&P 500 up 7.10% of 1%.
0:22.1	Why is tech doing well?
0:24.0	Well, you've got the Chinese internet name soaring today on some friendlier moves from the Chinese
0:27.4	regulators on auditing.
0:29.1	You've got Twitter carrying the S&P 500.
0:31.1	Communication Services, the best performing group.
0:33.8	Tesla's doing well on deliveries and technology,
0:37.2	consumer discretionary and communication services.
0:39.1	Those are the only green sectors on the S&P 500.
0:41.5	Here are my top takeaways on today's big stories. New highs for energy
0:45.2	names today. APA, Hesse, Kinder Morgan, Marathon Oil, all hitting new highs. Oil moving up 4%
0:51.6	as European politicians are horrified by the new images and
0:55.6	of atrocities coming out of Ukraine. President Macron in France calling for oil and
1:00.2	coal sanctions but Germany has yet to get on board despite the market's
	...

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