It. Good afternoon. We begin with fox market alert. As we kick off the final hour of trade as investors expressed concerns over inflation, cautious ahead of the fed meeting and markets pricing in 99 chance of a pause. Traders will be listening to fed chair Jerome Powells press conference, with any hint of a rate caught timeline. Dont hold your breath on it. What else is driving the declines . Big tech is another one taking a breather under pressure for rising bond yields. Microsoft, amazon, salesforce, cisco, ibm, all those names are lower at this hour. Microsoft down 2 . Lets look at the Creative Software player adobe, on the nasdaq and s p after providing week quarterly revenue guidance. That will always do it, stock down 14 or close to it. Adobe taking a bit of a beating today. With todays retreat, the s p and nasdaq dipped into negative territory. Look at the dow, pretty much on the even line, it will be negative for the week and the s p down slightly. What is going on . Lets get s
Anticipated a. I. Chipmaker earnings after the close tonight take a look at where he stands the dow jones 39 and the nasdaq down 20 points going into the earnings and s p 500 lower by seven and a half earnings and revenue expected to be up sharply at nvidia and some are betting on a poster earnings rally ill tell you about those bets this morning despite 200 gain in the stock in the last year nvidia share down one half of 1 , before we get to that we have target and tjx reporting earnings before the opening bell those pulling back take a look at yesterdays performance, the nasdaq and s p 500 in record territory at the close beginning a new day and unchartered space the dow industrial was up 66 and the nasdaq of 13 at a new high of 5321. The nasdaq 37 at a new high of 16832, european markets are pulled back s p 124 cac cron 41 and dax index lower by 47. In asian markets lower fractional moves acrosstheboard shanghai composite flat but up a tiny bit, back at home battling persistent infl
Nasdaq edged down. 26 , the star of the show was the Dow Jones Industrial average, which briefly crossed above 40,000. Hallelujah before pulling back a bit and closing down 39 points. Still, thats a huge leap from where we arrived at dow 30,000 back in november of 2020. So you know what . I think its worth exploring what stocks got us here and why. During this period weve constantly been told that tech is the market leader. But when i look at the top ten stocks up the most during dows trip from 30,000 to 40,000 very surprising group. Only two of them from tech. We also were told Interest Rates is all that matters but thats played a smaller role than expected too. Only the tenth stock really impacted. Instead its an odd grouping where the main thing these companies have in common is very strong exceptional management. Lets run them down so we can learn what the market really wants here. I need you to think about this even though we didnt close above 40,000, this is what matters. First i
Be, i have to make you understand this stuff. Let me use the impact of these glp1 weight loss drugs as an example. Now these medications made by novo nordisk and eli lilly has multiple uses, and theyve become one of the most powerfully disruptive concepts ive ever seen in all my years in this business. I call them concepts because theyre not yet a reality. That doesnt seem to matter to wall street. We own eli lilly for the Charitable Trust and talk about it endlessly and do so with a reason. Its drug might become the greatest selling pharmaceutical of all time. The house of pain all aboard well, you know, im excited. It just hit an alltime high today of 605, up 25 in this one session. So after a day where the dow gained 66 points. The s p climbed 0. 43 , the nasdaq jumped. 71 , the way concepts seem to get ahead of themselves in the stock market. Let me set the stage. Weekly injection drugs that help people with type 2 diabetes by lowing their glucose levels. Novo nordisks drug called
Josh, tell me. How do you think the markets are going to react now, assuming this passes as early as next week, according to the president . Yeah, you know, its really something. Were now going to get a massive fiscal stimulus which we could have used seven years ago, but well get it now, and its squarely aimed at probably the one area of the economy that needs it the least, corporate profits, but, fine they are going to give it to us, and its going to be great for stocks and maybe some of that is already priced in, but were going to get that on top of still having very, very historically low interest rates. No rush in terms of the rate at which rates will rise. Somebody from the fed yesterday said they are not going to counteract fiscal stimulus with what they are doing to Monetary Policy so maybe there will be some space in between where that can actually take effect. Look, the most important thing you just said is whether you debate, and there are others weighing in, whether its Jef