Highs today, down about 2 . Trading volumes are down for the dow, s p, and nasdaq. Remember, we have a short trading week next week because of the memorial day holiday. It will be time to take a breather and plenty of people will be doing that. S put of 11 groups in the 500 closing in the red. The exception, industrials. Boeing and raytheon. Fromng to keep the dow falling as much as, say, the s p and nasdaq. Andre seeing some buying some of the beaten up areas, including small caps. Lets bring back dennis to. Ushehr of evercore isi in terms of data, highfrequency data will be top of investors minds. We do get some housing numbers tomorrow and there is anecdotal evidence that there are a lot more people interested in moving out of cities, certainly in the tristate area. Parts of that, that part of the economy still continuing. What is your view in terms of housing and how that will play out . It is one of the good aspects of the pandemic, that we went into this with an extremely strong
Or was it the real economy rearing its increasingly ugly head every day that the average goes down, the dow slipped 102 points, s p shed 7 p. 8 , are we having Great Depression style unemployment 38 million jobless claims or another garden variety sell off in the wake of another major rally . Ill give you a hint its not the economy driving the bus. I know the markets incredible rebound the last two months seems totally out of sync with whats happening in the rest of the country. Wall streets become divorced from main street and were told thats unsustainable the thing is im not so sure this morning on squawk on the street, i kicked this idea around with david faber and carl quintanilla. David was incredulous i thought we were seeing a garden variety selloff, not some reckoning mass sell off in unemployment. Another 2. 4 Million People filing for jobless benefits this very week. Remember we get those claims thursday morning lets start with the positives that help stem the bleeding today
And the estimated number of deaths we will get ism today. Adp is out several european banks are spending dividends jim, how much of this mornings action does reflect the grim picture that the white house set forth yesterday . Its difficult to imagine how, lets say, optimistic people were versus what the president said last night. I think many people in the stock market understood that the numbers were completely understated. You did leave the office saying, wow, that could be just terrible because they didnt caveat it as much as you might have thought they didnt say, all right, but were doing great in this state, this state, this state they said look, this is the reality. I think the reality rolls back some of the 19. 9 gain we had last week in the s p then whats going to roll back the rest is if we have credit problems ill defer to david. David knows behind the scene what day it is today today is the day youre supposed to pay your rent david, a lot of people wont make those payments,
Suffering the biggest oneday loss in two years. The dow dropping 3. 5 . The worst day since february 8, 2018 the s p losing 3. 4 . The worst day since february 5, 2018 about 5 off the record intraday highs. This morning, futures trying to pull off a bit of a turnaround after a sell off for the dow we could see the dow open up by about 80 points. The s p up by 9 points and the nasdaq up by 50. It is not much but something well see can stick in this session. Bouncing back from record points in those moves, 10year note drifi dr drifting lower twoyear note yields 1. 45 gold giving back a chunk of its gains. Currently 1,653. 40 thats comex index it is a run towards sevenyear highs. The market message is stocks tend to bounce back quickly from days like yesterday. There have been 18 drops on mondays s p 500 and the following day has seen an average gain of 1 well see if those green arrows stick. Bouncing back with a big picture in asia. Remember, tokyo was the focus. The hang seng up about.
Hard not to because that is the alltime low on the 10 year treasury. It would have consequences. Reactionready seeing in stocks around the world potentially. This is all coming from the sentiments as we progress through the morning, and japan overnight and now in the united states. We started off the session in the positive and now we are lower by 1 apiece. Groups arethree lower now and you are looking at things like transportation, energy, the dollar Index Holding above 99. We backed off the highs there with gold futures, but that vix is still at 25 and likely will stay there. This is interesting. Guy lets take a look at what is happening here in europe. Lows. Just obsession just off session lows. The german tenyear now 52. Volatility continues to rise. We are watching this very carefully. Vonnie all of this began with the coronavirus and the number of cases in europe containing to continuing to rise. Italy with melody the latest. The number of cases continues to increase, but the spe