Stocks Sink, Jobs Jolt & Delta's CEO On Travel Demand 1/5/23

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 5 January 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks pulling back after the latest weekly jobless claims report came in stronger than expected, raising new concerns the Federal Reserve will continue to raise interest rates. Evercore ISI's Julian Emanuel lays out the case for why the S&P 500 could end 2023 higher despite recession and interest rate fears. Delta Air Lines CEO Ed Bastian discuss the outlook for leisure and business travel demand and why the carrier is now offering free in-flight WiFi. Strategas' Chris Verrone explains why he thinks investors should sell Apple and Microsoft shares during any rallies. And Bernstein's Stacy Rasgon says chip stocks are at or nearing a bottom. He reveals his top semiconductor picks. 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	The major averages giving back Wednesday's gains as investors focus on jobs data and the latest messaging from the Fed.
0:06.0	So comments from Jim Buller this afternoon help pull stocks off the lows.
0:10.0	This is the make or break hour for your money.
0:13.0	Welcome everyone to Closing Bell, I'm Sarah Eisen.
0:15.8	Take a look at where we stand overall.
0:17.2	Down 258 on the Dow, lower the day was down 457.
0:21.0	So we're off the lows, but still at three quarters of a percentage point decline.
0:24.1	The F&P 500 is down almost a full percent.
0:26.2	It's a broad-based sell-off.
0:27.4	The NASDAQ is down a full percent.
0:29.8	As we see Tech getting hit today, yields are a a little higher that could be part of the
0:33.9	story 3.7% better ADP private sector jobs better data on initial jobless
0:40.5	claims and some fed commentary all in the mix today.
0:43.6	You've got especially strengthen those Chinese internet names again continuing their strong
0:47.6	run.
0:48.6	Coming up on the show today, we've got Wi-Fi in the skies.
0:51.6	Delta just announcing it will offer free internet for domestic flights later this year.
0:56.1	We'll speak with CEO Ed Bastian about that news and much more.
0:59.6	Plus we'll talk to a chart expert who has a warning for anyone thinking about investing right now
1:03.5	in two of the country's biggest tech companies, Apple and Microsoft. Both of them have been under
1:09.2	a lot of pressure lately. Let's get straight though to the market dashboard senior markets commentator Mike
1:13.7	Santoli joins us Mike with every sector now red except for energy.
	...

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