Stocks Slump, Oil Windfall Tax Threat & Fmr. Fed Vice Chair's Interest Rate Prediction 11/3/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 3 November 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks staging a steep sell off at the open after the Federal Reserve signaled an interest rate pivot is not on the horizon, but the market closed well off the lows of the session. Former Fed Vice Chair Richard Clarida weighs in on how high he thinks interest rates will rise and why he thinks the Fed won't pause until at least March. JPMorgan Asset Management's Meera Pandit on whether the market could sell off again tomorrow if the October jobs report comes in stronger than expected. Energy Secretary Jennifer Granholm on whether President Biden's threat to impose a windfall tax on oil companies has any chance of passing Congress. Under Armour Founder Kevin Plank & Interim CEO Colin Browne discuss the company's stronger than expected earnings and whether they see any signs of slowing consumer spending. And Zoetis CEO Kristin Peck discusses the animal health company's weak earnings and guidance and how veterinary labor challenges are impacting her company. 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	Major averages mostly lower but the Dow is in and out of positive territory as we speak as investors try to make sense of the latest messaging from the Fed.
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.
0:15.0	Take a look at where we stand right now in the market.
0:17.0	Dow's just gone positive again.
0:20.0	Why?
0:21.0	Boeing, adding 68 points, certainly helps.
0:23.2	Caterpillar Honeywell, UNH, they're all adding to the Dow Gaines, but you've got weakness in Home Depot,
0:27.9	Apple and Visa subtracting.
0:29.8	S&B 500 down 410s.
0:31.8	Again, tale of various sectors. Energy is up right now more than 2%.
0:35.7	Industrials, materials having a good day, but technology, communication services, consumer
0:41.0	discretionary and the banks are under pressure today.
0:43.2	The Nasdaq's down 1%.
0:44.6	Check out Treasury yields, really telling the story today.
0:47.2	Higher across the board.
0:49.2	This is post-fed.
0:49.9	We saw this yesterday as well into the close.
0:52.0	The two-year yield touching its highest
0:53.6	level since 2007. We've got a huge lineup of guests coming your way this hour
0:58.6	including former Federal Reserve Vice Chair Richard Clarita with us on takeaways from Powell and the Big
1:05.1	Fed decision. Plus, we will talk to the interim CEO of Under Armour along with Chairman and
	...

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