Closing Bell: Winning Streak Snapped, Cryptos Crushed & Bed Bath & Beyond Gets Burned 8/19/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 19 August 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks sliding on Wall Street as the S&P 500 snaps a 4-week winning streak. BTIG Chief Market Technician Jonathan Krinsky explains why he sees big headwinds for stocks on the horizon, but reveals the one sector he thinks is attractive right now. Ally's Lindsey Bell thinks the market will remain volatile for a while, but it is too soon to say whether the summer rally is over. Mizuho's Dan Dolev on the sell off in bitcoin and why he sees significant downside to shares of crypto exchange Coinbase. Shares of Bed, Bath & Beyond plunging after investor Ryan Cohn sold his entire stake in the retailer. Former SEC Chair Harvey Pitt discusses whether regulators should look into the timing behind that sale. And Sunpower CEO Peter Faricy discusses how the Inflation Reduction Act could be a huge boon for the solar 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	Hot Summer Rally cooling off today as stocks add two losses on the week.
0:04.0	We are sitting at session lows right now.
0:05.3	The most important hour of trading starts now.
0:07.9	Welcome everyone to Closing Bell.
0:09.3	I'm Sarah Eisen.
0:10.5	Take a look at where we stand right now in the market, down 1.4% on the S&P 500.
0:15.0	Only two sectors positive.
0:16.6	Health care and energy, everybody else is lower.
0:19.6	Consumer discretionary financials, communication services all at the bottom of the market.
0:24.2	The NASDAQ's down 2% today.
0:26.0	So that does bring us to negative territory for the week, down about 2.5% for the NASDAQ 100,
0:32.0	1.3% for the S&P.
0:34.6	We break the wind streak.
0:35.7	We're coming off of four up weeks for the first stocks.
0:38.9	Not going to happen this week.
0:40.3	Our chart of the day is once again, Bed Bath Beyond falling off a cliff today along with some of the other meme names after influential investor Ryan Cohen completed his sale of the stock.
0:51.0	Look at the damage down 43 more than that percent.
0:54.8	Coming up, we will talk to former SEC Chairman Harvey Pitt
0:57.6	about the timing of Ryan Cohen's sale, whether the SEC should be looking into it.
1:02.0	Plus, the CEO of Solar Company's Sun Power will join us
1:05.0	to talk about the big run-up in that stock around the inflation reduction act.
1:09.0	It is up 50% in a month.
	...

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