Closing Bell Overtime: Stocks Wipe Out 11 Months of Gains 4/4/25

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 4 April 2025

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

The sharp two-day selloff has wiped out more than 10% in both the S&P 500 and the Nasdaq. Bob Elliott, Unlimited CEO, and Keith Lerner, Truist Wealth Co-CIO, kick off with a deep dive into what’s driving the decline and where markets go from here. Pippa Stevens reports on the energy sector’s role in the drop, while Kristina Partsinevelos covers the hit to tech. Paul McCulley, Former PIMCO Chief Economist, discusses the impact of tariffs, jobs data, and Fed policy in the wake of the selloff. Microsoft AI CEO Mustafa Suleyman weighs in on how AI sentiment is being tested in the downturn. Richard Haass, President Emeritus of the Council on Foreign Relations, addresses geopolitical risks amid the volatility. And Jim Paulsen of Paulsen Perspectives closes the show with his outlook on whether the worst is over.

Transcript

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0:00.0	Stocks falling off a cliff for a second straight session and closing right about at the lows.
0:07.1	All the major averages off 5.5 to 6% with the NASDAQ closing in bare market territory.
0:12.6	S&P 500 wiping out more than $4 trillion in value in two days.
0:17.7	Crude sinking to 2021 lows and the 10-year yield dipping below 4%. That is the score
0:25.6	on Wall Street, but winners stay late. Welcome to closing bell overtime. I'm John Ford with Morgan
0:29.7	Brennan. We've got you covered all hour with the most important angles of this sell-off that
0:35.4	matter to your money, including the latest on the economy
0:38.9	and the Fed and how China and other countries are responding to what we saw from President Trump
0:44.8	this week. We've got your first move on Monday and how you prepare for it. But let's get straight
0:50.2	to the sell-off. Joining us now is Bob Elliott, CEO of Unlimited Funds and Keith Lerner,
0:54.9	the co-chief investment officer at Truest Wealth, along with CNBC's Christina Parts Nevelas on
0:59.9	the pain for tech we've seen, and Pippa Stevens on the plunge for crude oil and energy,
1:05.7	Courtney Reagan on the move for retail stocks and Diana Ollick on one bright spot in the market, which has been the home builders.
1:14.2	But first we go to our market panel.
1:16.4	Bob, I'm going to kick this off with you because it has been just a major flush out here for the market.
1:23.9	How much further could we go, especially when you look at an S&P that has lost so much value here, 9% this week now, but is still arguably trading at multiples higher than what you'd expect with recession, despite what we're seeing in the bond market with the 10-year treasury yields falling below 4%.
1:43.1	Yeah, when you scan across the markets right now,
1:46.6	obviously the short-term market moves feel extremely large,
1:49.8	and they are with any broader context,
1:53.4	but the levels matter in terms of where we are in this market.
1:56.5	And with P.E. still at 19 and bond yields still at 4%, and bond yield's still at 4%.
2:00.9	None of this pricing looks like pricing in the sort of recession that would come if these tariffs remain in place for an extended period of time.
	...

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