Volatile session to end rough week, FedEx and Fed Expectations 9/16/22

Closing Bell

CNBC

News, Business

4.4 • 139 Ratings

🗓️ 16 September 2022

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Stocks fell Friday to end a rough week on Wall Street, though the major averages finished well off the lows of the day. Lisa Erickson from U.S. Bank and Jeff Saut from Saut Strategy debate if they’d recommend buying U.S. equities now. Former CEA chair Jason Furman discusses what fears of a global recession could mean for the Fed’s decision next week. Broughton Capital’s Donald Broughton and China expert Dewardric McNeal break down the major earnings warning from FedEx and what it says about transports and China. Plus the latest on Uber’s hack, Apple’s iPhone on shelves, and GE’s red flag. 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	Stocks are falling after FedEx's red flag delivered a blow to investor sentiment
0:07.6	but we are at the lows and we're in the final stretch of a brutal week for the Bulls.
0:11.0	The most important hour of trading starts now.
0:13.8	Welcome everyone to Closing Bell, I'm Sarah Eisen. Take a look at where we stand right now in the
0:18.0	market. We are lower across the board, but at the lows of the day, the Dow is down
0:21.6	411 points.
0:22.8	We're down 189 right now.
0:24.3	The S&P 500, down a percent, adding to a rough week.
0:28.9	So for the week overall, we're down about 5% on the S&P 500, about 5.8% for the NASDAQ. There's the NASDAQ. It is also the biggest
0:37.1	loser of the day. Down one and a quarter percent and small caps giving back 2% the only
0:42.0	sector that's positive right now
0:43.2	defensive group consumer staples a hideout during times of concern about recession
0:48.6	check out the doubt transports chart of the day getting crushed on that FedEx news hitting levels we haven't
0:53.8	seen since February of last year coming up on today's show former Council of
0:58.1	Economic Advisors chair Jason Furman on the growing recession concerns
1:01.9	globally and what he's expecting from next
1:03.8	week's all-important Fed meeting. Plus, is the US really the best house in a bad
1:09.1	neighborhood or should you look for upside abroad? We're going to ask two experts on opposite sides of this debate.
1:15.0	Let's get straight though to the stock story of the day.
1:16.7	FedEx shocking Wall Street last night with a surprising earnings warning flagging
1:20.5	weak macro trends in the US and abroad.
1:23.2	The CEO saying he anticipates a worldwide recession
	...

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