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Closing Bell
Closing Bell Overtime: Rocky Start To August For Stocks; Intel Has Worst Day In Over 50 Years 8/2/24
Aug 2, 2024
In this discussion, Intel CEO Pat Gelsinger shares insights on the company's significant stock drop and plans to suspend its dividend, marking the worst day for Intel in over 50 years. Bob Elliott, CEO of Unlimited Funds, Erick Knutzen from Neuberger Berman, and Jeff Krumpelman from Mariner Wealth tackle strategies to navigate the turbulent market, emphasizing the importance of investment choices amid tech sell-offs and banking instability. They also discuss potential opportunities in high-quality banks during these challenging economic times.
45:34
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Quick takeaways
- The significant sell-off in stocks, particularly in tech, raises concerns about the economy's health amid disappointing job data and earnings.
- Intel's drastic drop signals a need for restructuring and a strategic pivot towards AI, despite ongoing challenges in the tech sector.
Deep dives
Economic Indicators Prompt Market Sell-Off
Soft jobs data has raised concerns about the health of the economy, contributing to a significant sell-off in major stock indices. Reports revealed a lack of hiring, with increases in jobless claims suggesting potential job losses in the future. The market reevaluated stock valuations, especially as earnings reports showed disappointing revenue growth. Economists noted that the Federal Reserve may not react as swiftly to market downturns as investors expect, hinting at a slower response to economic changes.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode