Closing Bell: Ugly end to April, Chevron CEO on earnings, debating Apple’s next move 4/29/22

Closing Bell

CNBC

Business, News

4.4 • 141 Ratings

🗓️ 29 April 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The major averages closed sharply lower to finish out a rough month for the bulls. Tony Dwyer from Canaccord and Charlie Bobrinskoy from Ariel break down the action, and whether or not they’d recommend buying the dips. Analysts Colin Gillis and Amit Daryanani debate the best way to play Apple’s pullback. Meantime Chevron CEO Mike Wirth discusses the outlook for the oil giant as shares move lower on the back of earnings. And Gary Dvorchak from Blueshirt Group talks about Chinese internet stocks -- one bright spot amid the carnage. 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 struggling on this final trading day of April.
0:02.8	Near the lows of the Chef's session right now.
0:04.5	It's an ugly end to an ugly month.
0:06.2	The most important hour of trading starts now.
0:08.6	Welcome everyone to Closing Bell.
0:10.0	I'm Sarah Eis and here's where we stand right now in the markets today down more than
0:13.4	600 on the Dow. It's being weighed down by pretty much everything. It's
0:17.7	broad. Every sector's lower in the S&P 500, 2.8%. Amazon though is hitting
0:22.4	consumer discretionary particularly hard.
0:24.4	That sector is down 5.6%.
0:27.7	Look at the NASDAQ.
0:28.5	It's down 3.3% worst month of trading for the NASDAQ since back in 2008 the depths of the
0:34.5	financial crisis check out the most actively traded names right now right here
0:38.1	at the New York Stock Exchange. D. D. D. C. seeing strength actually in the
0:41.4	Chinese internet names. We'll cover that a little
0:43.1	bit later. Ford, Neo, AT&T and Alibaba. Coming up on today's show, Chevron CEO
0:49.8	Mike Wirth joins us exclusively to talk about his quarterly results that are
0:53.8	sending that stock a bit lower today though it's still up more than 30% on the
0:58.2	year let's get straight into this market sell-off joining us now Tony Dwyer
1:02.2	from can't Accord Genuity.
1:03.7	Tony, if I've been reading your recent notes correctly, you are actually expecting a
1:09.2	little bit of a reprieve in the market. It doesn't feel like that today.
	...

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