Conversation in just a minute. Ill take you to the wall. We are focused today on this big pullback for tech. Nasdaq remains under pressure by more than 1 farmer jim, are we witnessing a socalled transition trade right before our eyes, from growth to value and does it have staying power . I think we are, scott i know its dangerous to say this type its different with regards to the rotation, but lets also realize this rotation was occurring before the announcement of the vaccine. All had you to do was look at the industrials and material to give you that clue now theres a very fundamental reason to support the continuing rotation into the cyclicals, into the industrials, even into the financials, which have been left fordead but are coming back it ju its just as simple as there is a path to normalcy ahead of us heres the one qualification i want to make if youre looking at yesterdays rally and saying, shucks, i missed, it relax unfortunately there is terrible news coming on the virus sco
Good tuesday morning, welcome to squawk alley. Im Carl Quintanilla with jon fortt and Julia Boorstin with us dow because up 275 this morning. We lost some of that the covid19 vaccine rotation is continuing with tech down another 2 today and the s p 500 down 26 points thats where well begin this morning. The nasdaq falls investors rotating out of tech to some degree the managing director is going to help us start off the hour. Good morning, mark good to see you. The. Hey, carl, good to see you. We know i mean, the argument has been made that world changed a little bit yesterday for the better but is the tech reaction is there bath water being thrown out too . Well, yeah. The world did change id argue a lot yesterday. And not surprising that were seeing a rotation in some of the tech names i think for the next little while here, you know, expect the expected were going to think continue to see some rotation away from the work from home names probably bate probably a bit of a short term r
Forth with portnoy on what you say are amazing insane moves that can continue. Yeah, i mean, understand there is florida has been so much comparison in 1999, 1999 was never like this. You had a lot of crumby companies that would go up a lot but nothing like this. I mean, we have major trillion Dollar Companies that are going up at a pace that weve obviously never seen because we didnt have trillion Dollar Companies before but i do think that my friend David Portnoy hes got a big cohort saying that stocks only go up and im just giving this is frightening im giving a little bit of homage here because, yes, if you got in when davie trade got in, i mean, all youve seen is up. So its not wrong for him to look at that i mean, the guy got in i think march 23rd when he decided to take the suits on directly i got up this morning, i said, geez, maybe i should wear jeans. I dont want to be like wrong. I want to be i dont want to be on the other side of the trade of this guy. His timing is excepti
Have a 6 pack show today so lets dive right in. And the United States has officially entered a recession in february of this year ending 128 months of economic expansion which was the longest run in more than 150 years according to the National Bureau of Economic Research now the announcement from this organization comes much earlier in a recession than they generally like the any b r wrote about the situation saying the unprecedented magnitude of the decline in employment and production and its broad reach across the entire economy warrants the designation of this episode as a recession even if it turns out to be briefer than earlier contractions now economists generally define a recession as 2 consecutive quarter months of 2 consecutive quarters of Economic Contraction g. D. P. In the us has already fell by 5 percent in the 1st quarter of this year and the economy is expected to climb by a steeper margin in q 2 of 2020 lets get some. Analysis on this and and the state of the economy
Dose of downgrades today, well find out if any of our traders are touching our stock shares are lower right now as the companys Conference Call is underway well break down any of the big headlines that come out. We begin with an historic collapse in energy prices. Oil falling below zero dollars a barrel for the First Time Ever the main contract tumbling more than 300 to around minus 36 a barrel yes, minus 36 a barrel. The more actively traded june oil contract also falling hard in todays session look at what happened to some of the energy stocks. The etf held up. Are there stocks that are presenting some big opportunities in this crude collapse guy adami, could we be seeing some sort of a sign of a floor for some of these equities wait a second, we dont just go right into the show i think the last time you were request us was probably december 5th or 6th, is that right . Yes here we are december 3rd, were back april 20th, youre not going to say anything. I dont want to speak on behalf