Closing Bell: The Fall Fall, Focus on the Fed & Let's Make An EV Deal 9/20/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 20 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks selling off ahead of Wednesday's key Federal Reserve decision on interest rates. Canaccord's Tony Dwyer says stocks are setting up for a big fall in the Fall, but predicts a huge rally into the end of the year. Barclays' Adrienne Yih explains why she downgraded Nike, which was one of the worst performers in the Dow. National Economic Council Director Brian Deese on the mixed signals the market is getting from companies on the economy and whether the White House should accept any blame for inflation. GM CEO Mary Barra & Hertz CEO Stephen Scherr discuss the automaker's deal to sell up to 175,000 electric vehicles to Hertz. Plus, Barra weighs in on whether her company is experiencing the same rising supplier costs that Ford is warning about. And Lerer Hippeau Managing Partner Ben Lerer discusses how market volatility is impacting private company valuations, the IPO market and the SPAC 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 are falling hard here as yields are rising again.
0:03.2	The Fed meeting is getting underway.
0:04.7	The most important hour of trading starts now.
0:07.0	Welcome everyone to Closing Bell.
0:08.4	I'm Sarah Eisen.
0:09.3	Take a look at where we stand right now in the market.
0:12.1	Down across the board, the SAPOP 500 down 1.3 percent. Every
0:15.6	sector is lower right now. Interestingly with this rise in yields, the two year, the
0:19.8	ten year no yield, you can see the ten year yield almost a 3.6. Technology is
0:24.2	fairing a little bit better than some of the other sectors right now.
0:27.1	You've got sectors like real estate materials, consumer discretionary, and
0:31.1	technology under pressure.
0:33.1	Still, tech is getting hit.
0:34.3	The Nasdaq's down 1%, but there is strength in Apple,
0:37.8	for instance, Tesla remains higher,
0:39.7	even though names like Amazon, Microsoft, and Google
0:42.2	are under a lot of pressure.
0:43.2	Check out Ford.
0:44.2	Here's the stock story of the day.
0:45.8	It's at the very bottom of the S&B 500 getting crushed as the automaker joins a chorus of
0:50.4	other firms warning about earnings.
0:53.3	We'll talk about that.
	...

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