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CNBC's "Fast Money"

Stocks Shrug Off Hotter-than-Expected Jobs Report, and China Tech Posts a Big Week 12/02/22

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 2 December 2022

⏱️ 22 minutes

🧾️ Download transcript

Summary

The Dow eked out a gain and the S&P and Nasdaq were barely lower, despite signs inflation may still be a concern in the latest jobs report. So should investors breathe a sigh of relief after today’s market action. Plus KWEB shares surged this week with names like Pinduoduo, Baidu and Tencent leading the charge. We’re digging in on whether you should be jumping into this trade. 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

Welcome to fast money the big show right now on the show we got calm on the street

0:05.7

Stocks don't end up freaking out after a fearful morning following that jobs report our traders now in a wait and see mode

0:12.3

Ahead of key inflation data and that big Fed decision coming up. Plus Beijing boo

0:19.0

Despite all the protests and COVID lockdowns Chinese stocks are surging the K web ETF as you can see there

0:26.0

Tracks the China market finished the week up nearly 25% I was China gone from being uninvestable

0:32.7

To just about red hot and then later on our chart of the week and e-commerce darling during the pandemic that cratered

0:40.1

And is now making a major comeback is this a

0:43.5

Crafty way to play the holiday season. That's the mystery chart right?

0:47.9

Clue there. Thank you. I'm Dominic Chewin from Melissa Lee today

0:50.8

This is fast money the big show live from the Nasdaq market site right here in Times Square on the

0:55.3

Desk tonight. We've got Tim Seymour also Courtney Garcia

0:59.1

Steve Grasso and Jeff Mills as well

1:01.9

We will start with the whimper to end the week on Wall Street stocks closing well off their lows of the day after a hotter than expected jobs report

1:09.6

The S&P and Nasdaq just barely in the red as you can see while the Dow managed to e-cat a slight gain

1:15.6

Just about one-tenth of one percent the moves coming even after news the US economy added 263,000 jobs in November

1:23.3

And that wage is grew by six tenths of a percent month on month both numbers higher than expected and potentially adding to inflationary pressures

1:31.6

But markets mostly shrugged off those concerns all three major indexes able to end the week in positive territory

1:39.1

So does today's market action suggests that markets really have put their bottom in Tim Seymour

1:46.7

Don't forget your bottom here at the Nasdaq right here and I'll tell you if you think about how the S&P

1:52.4

traded both today and even in the last couple days after

1:55.8

That Powell rally that we've had and if you think about where we've rallied

1:59.0

I'd bring up these numbers all the time off of that October 13th CPI low

...

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