Closing Bell: Wild Market Swings, National Economic Council Director On Market Turmoil and Under Armour's CEO Shake-Up 5/19/22

Closing Bell

CNBC

News, Business

4.4 • 140 Ratings

🗓️ 19 May 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

It was another volatile trading session on Wall Street the day after the biggest one-day sell off since 2020. The Dow was down nearly 500 points, but cut those losses in half. National Economic Council Director Brian Deese discusses the recent market volatility and the impact inflation and recession fears are having on the economy. Cantor Fitzgerald's Eric Johnston explains why he just turned bearish on the market again after recently calling for a short term rally, but RBC Capital Markets’ Lori Calvasina says the market looks like it is trying to bottom. Shares of Under Armour plunging after unexpectedly announcing a CEO change. Founder & Executive Chairman Kevin Plank explains why the move was made and whether the consumer shift away from discretionary spending will hurt his business. And BMO Capital Markets’ Simeon Siegel on the retail stocks he thinks are buying opportunities right now. 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 mixed here following their worst day since 2020.
0:03.4	We are gaining some ground in the last hour.
0:05.6	S&P's gone positive, Dow, just behind it, and the NASDAQ is solidly green.
0:09.4	The most important hour of trading starts now.
0:11.6	Welcome everyone to Closing Bell, I'm Sarah Eis and take a look at where we stand in the market.
0:16.0	There's the Nasdaq right in the middle.
0:17.3	It is bouncing today, up 8 tenths of 1%.
0:19.8	S&B 500 up a third of 1% and the Dow just about to cross the flat line. We've got we've had a few
0:25.6	attempts at positive action today and lost the momentum. We were as low as down
0:30.0	450 on the Dow but nothing like we saw as far as the sell-off and the mood
0:34.4	yesterday and in fact some of the bright spots are some of the hardest-hit
0:37.9	parts of the market. I'm thinking about the Arc Innovation Fund for instance which is
0:41.4	surging 6%.
0:42.9	Materials, consumer discretionary and energy,
0:45.0	leaving the pack.
0:46.0	Here's a look at some of the most actively traded names right now
0:48.3	here at the New York Stock Exchange.
0:50.4	Neo continues to be on the list, and so does Ford. It's been among the most active for weeks now and they're all by today.
0:55.9	AMC Entertainment, one of the meme stocks. Palantier was on there just dropped off but a few others
1:01.3	interesting ones to know. coming up on today's show
1:03.5	kanters Eric Johnson has a big bearish new call on the market forecasting even more
1:08.8	downside after yesterday's dramatic plunge he will join us to break down that prediction. Plus, take a look at
	...

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