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Closing Bell

Closing Bell: Wild May Wraps Up, CME's CEO On Market Volatility And Getting Defensive 5/31/22

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 31 May 2022

⏱️ 43 minutes

🧾️ Download transcript

Summary

Stocks falling on the last trading day of May, which has been a wild month of trading. CME Group Chairman & CEO Terry Duffy discusses the volatility in the stock, bond and commodity markets and what that means for his exchange's bottom line. Oil prices initially rallying, but gave back most of those gains on a report that OPEC may suspend Russia from its oil production deal. RBC Capital Markets' Helima Croft weighs in on what that will do for oil prices while Eurasia President Ian Bremmer looks at the potential geopolitical impact. And Strategas' Chris Verrone says he is skeptical about last week's rally, but reveals the one defensive stock he thinks investors should be buying. 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

Another volatile day for stocks.

0:01.3

Dow's off the lows, but the broad market is heading south.

0:04.3

Once again, the most important hour of trading starts now.

0:07.2

Welcome everyone to Closing Bell, I'm Sarah Eason.

0:09.5

Take a look at where we stand right now.

0:10.8

Dow's down about 200 points.

0:12.4

At the lows of the session earlier, we were down about 4.60,

0:15.8

then went positive, and we're now giving up around again.

0:18.8

S&P down about 6 tenths of 1%.

0:21.5

Two sectors stand out as positive right now, consumer

0:23.7

discretionary and communication services. There's buying in a lot of the beaten down

0:26.8

names of May, like Amazon, Under Armour, Hasbro, Starboks, and Nike.

0:31.1

Those are all helping the consumer stock.

0:33.0

The NASDAQ is down about six-tenths.

0:34.7

It's down about 2% for the month of May,

0:36.6

while the S&P is pretty much flat.

0:38.2

So definitely an underperformer overall for the month.

0:41.3

Here's a look at some of the most actively traded names

0:43.2

right here right now at the New York Stock Exchange. You've got AMC

0:47.3

Entertainment off the better top gun sales. It's done a turnaround today. It was sharply

0:51.3

higher earlier. Snap is on there which is one of

0:53.8

the biggest declines down about 50% for the month worst month ever for snap after

...

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