On this election eve, the candidates hit several battleground states. Hillary clinton wrapped up in North Carolina and donald trump in michigan. And a lot is being done to make sure people head to the polls and their votes are secure. We begin our coverage with raj mathai reporting from time square. Reporter yes, this is the city that doesnt go to sleep but presumably speaking at this late hour, donald trump and Hillary Clinton are getting some sleep. Those polls open bright and early tomorrow morning. For the First Time Since 1944, both president ial candidates are based in new york city. Plitically speaking they couldnt be farther apart and geographically, theyre close. And the Antiterrorism Task force is also here. Its that big of an event and that type of political season. Tomorrow night, Hillary Clinton will be a few blocks south of me and donald trump will be at his home base which is a few blocks north of us and thats where we bring in Mark Matthews also with us here in new york
Is that the way to play this thing or are we getting to the point that it is getting over done . I am not a buyer yet, recovering some shorts if that is what you do, i get some recent support levels. The problem is where stocks are a big air pocket down to levels of 2018 in the s p futures, below 2000, that has me concerned. Im not pressing shorts here. The fear is over done and for me that will shift was one thing that has me worried is big moves in the oil and the yen. When big moves happened they cluster together. Charles why is a strong yen, one of the big correlations, why did that hurt the market so much . Bigger reason is psychological, it shows Monetary Policy lost its efficacy, at the end of january, drastically eased, the yen instead of going down went up in their face confused investors, and a lot of credibility issues. Charles the script after yesterdays fomc meeting down 200 points. On the other side of the equation, gold going very well, oil has done that quickly. Six day
Average. We had the big rally comeback rally and its been going sideways now. Its going to be 39 days today trading days when we have failed to see the dow move 1 up or down. Its happened again today. So as we kick off the month of september, kelly, after the postbrexit rally, we wonder if we get any volatility the month, right . Automakers are probably happy august is ending. Sales coming in weak. Well look at how long this downturn could last. Oil is hit today down more than 8 over the last week. But if you think its a buying opportunity, think again. We have somebody who says things are just going to get worse for the energy patch. Well, heres worse for you. Samsungs new phones are on fire. But not in a good way. We told you last week sales were much stronger than expected but issues are arising this week with reports of the batteries catching fire. Delays now in getting the phones in peoples hands. We have pictures and the impact coming up. Horrible, horrible timing with the iphone
Take a look at the u. S. Equity futures at this hour, youll see green arrows. S p look like they would open up 2. 5. Nasdaq just over 13. Overnight in asia the knnikkei s up. 25 . The hang sang up just about as much. If you take a look at the early trading in europe, at this point, the dax is higher. The cac is france is up. 80 . The ftse is down. 10 pkts. Strong over there. The scuttlebutt yesterday looking at it. I wasnt here in the morning. Adp was strong so the market was weak. There we go again. It was that, but also the idea with some of the chatter in the morning that, look, we already knew this number was going to be around this. A lot of it already baked in. Do you believe the fed will raise rates if its a strong number on friday. No. I need to see it. Who knows. Maybe they want i think they want to. Theyve cried wolf so many times. It wouldnt kill them to do a quarter point to reestablish credibility. Once a year you get quarter point. Usually its once every ten years. We got
Thats the catalyst. Seems to be. This is fed fear front and center. Yes. I am very calmly panicking, scott, which i think is appropriate. No. Whats really going on, biggest decline for the tft going back to 2015. Not big. Less than 3 . Could be worse. Last night on the double line call probably were as widely heard and reported what he said, those who might have missed it. Im going to quote. Interest rates bottomed ebott. May not rightness near term as ive talked about for years, i think its the beginning of something and youre supposed to be defensive. Fine. You see this, people start to freak out or calling a growth scare, i find adorable. The reits will catch a cold. Utilities catch a cold. Thats a big area in the market. What happens if the overall market catch as cold . Tony dwyer suggested a correction. Could be 5 percent pr . I hope that happens. Let me finish my thought. Go back to prebrexit, june 2nd to fi june 22nd. You need fear in the market to work to the upside in the int