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CNBC's "Fast Money"

Stocks Stage Major Reversal, and Breaking Down the Consumer’s Strength 8/11/22

CNBC's "Fast Money"

CNBC

Investing, News, Business

3.91.3K Ratings

🗓️ 11 August 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

The S&P entirely erased a 1.1% gain and the Nasdaq dropped nearly 0.6%, even after a second report showed signs inflation may be abating. So does the reversal signal something scary for the market? The traders dive in. And with retail earnings on deck for next week, we break down how the consumer can hold up in this backdrop. 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 Vast, the crew had climbed WTI grinding higher up almost 7% this week.

0:06.0

Nat gas now spiking too should investors and consumers get ready for energy prices

0:10.7

to push much higher from here. Plus, retail revival, the XRT, the ETF that tracks the

0:15.4

sector up almost 18% in the last month. And with the big names like Walmart Target and

0:20.7

Home Depot reporting next week is now the time to bring the register or should you try

0:24.9

them on for size. And later place your bets, draft kings jumping more than 65% in the

0:29.7

last month. This as a sports betting world gets set for the start of the NFL and college

0:33.7

football seasons. Is there still time to put your cash on the table? I'm Melissa Lee. This

0:38.4

is fast money life in the Nasak market site on the desk tonight. Dan Nathan, Guy Dami,

0:42.1

Jeff Mills, and Julie Beale of Kane Anderson, run nick. And we start off tonight with a market

0:47.1

rally running out of steam. Stocks unable to stay in the green today after another better

0:51.4

than expected inflation report. The S&P gave up a more than 1% gain to end the day with

0:56.0

a slight loss. The down managed to say positive but closed well off it ties to the reversal

1:00.8

coming even as the latest PPI report showed input costs rose less than expected in July.

1:05.8

So does today's market action suggest the bulls have lost their grip on this market?

1:10.8

Guy, they're still in control without question, Melm's, but it's sort of slipping through

1:14.7

their hands. It's like when you play tug of war and you start to get tired and it just

1:18.6

goes through. Yeah, through. That's what's happening in the bulls right now. So now the

1:22.2

bears appear to be winning today and I'll tell you why. Now I'm going to do the S&P give

1:26.0

up its gains. We're going to talk about it 4,200, a 50% retracement of the recent low 3600

1:32.1

in change and the all time high makes sense that we stopped here. And the reversal is interesting.

1:37.0

Not only because the S&P 500, HYG is something I talk about all the time. It had a huge reversal

...

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