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CNBC's "Fast Money"

OPEC Defies the Biden Administration and Don’t Bet on Tech 10/5/22

CNBC's "Fast Money"

CNBC

Investing, News, Business

3.91.3K Ratings

🗓️ 5 October 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

Oil prices rising as OPEC+ announces plans to cut production by the largest amount since the start of the pandemic. So what does this mean for the White House as we head to the all-important midterm elections? Plus stocks closing well off their lows but still posting their first losses of the month. And one top technician says, wherever markets go from here, it’s not the time to bet on tech. 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

Right now in fast and OPEC up front, the oil cartel not yielding to pressure from

0:03.9

the U.S. to keep production level study and putting the Biden administration in a precarious

0:08.1

place ahead of midterms, so where oil price is going from here and what will it mean

0:12.1

for the already fragile economy?

0:14.0

Plus, socks making a major turnaround with the Nasdaq 100 are racing a more than 2% loss

0:18.4

at the open to end the day, basically flat.

0:21.3

One top technician says not to bet that tech will be the leader going forward.

0:25.0

He goes off the charts to make the case.

0:27.0

And chewy wags, it's tailed, maces on the ball and upside for Bank of America.

0:30.8

We've got our eyes on the moves and are bringing you the trades.

0:33.5

I'm Melissa Lee.

0:34.5

This is fast money.

0:35.5

We're live with the Nasdaq Markets.

0:36.5

I did a hard time square on the desk tonight.

0:38.3

Bono and I have some Courtney Garcia, Guaidami and Steve Grasso.

0:41.6

And we start off with oil outrage.

0:43.7

Crewed prices popping as oil OPEC announces plans to cut production by 2 million barrels

0:48.5

a day.

0:49.5

The biggest cut since the early days of the pandemic.

0:51.6

The move in raging the White House, which I've been putting pressure on the group to

0:54.9

increase output and help lower fuel prices ahead of the midterm elections.

0:59.1

The administration calling the decision short-sighted and saying President Biden has directed

...

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