Closing Bell: Stocks Slump, Avoiding A Recession & Senator Manchin Speaks 8/2/22
Stocks under pressure on Wall Street amid rising tensions between the U.S. and China and commentary from Fed members on the pace of interest rate hikes to fight inflation. Senator Joe Manchin weighs in on how the new Inflation Reduction Act will help cool inflation and impact Wall Street by closing corporate tax loopholes. The National Bureau of Economic Research is the only organization that can officially declare a recession. CEO James Poterba discusses whether the strong jobs market will help the economy avoid recession. Axonic's Peter Cecchini discusses how rising tensions between the U.S. and China could impact Wall Street. And Wedbush's Dan Ives explains why he thinks Uber will continue to rally after reporting strong earnings and why tech stocks could see a surge into the end of the year.