Last ten minutes or so and finally, optimism around the possibility of new stimulus. All of that helping the market up about 1 on the s p 500 as we stand. Coming up on todays show, big moves in the banks space and Goldman Sachs is bringing workers back to the office well talk about that with the president and ceo john waldron and Michael Novogratz will lay out the risks he sees. Mike santoli is tracking the Market Action and a pair of key faang names holding their annual meetings as tech underperforms today and mike, start us off with the Broader Market and the action were seeing right now. Yeah, so weve been talking about this rotational activity away from the big growth winners into all other areas of the market that are more sickly call and smaller. It is really happening in a benign way so far. Sometimes the baton can get dropped in the handoff but it is towards its highs so kind of stalled out at this area, but below the surface, equal weighted is up close to 5 so it is kind of st
That plays how throughout the afternoon, but it is certainly cassidy a pallor certainly casting a pallor over these markets. The stoxx 600 down more than 3 . All of the major indices, from the docks to the ftse 100 to the 3 . 40 down more than group just one stock 3i group just one of the stocks bucking the trend, up more than 5 . Prudential, the insurer, down 8 . It says it will be a difficult Second Quarter. We will speak with another insurer headquartered out of london little later on, the lloyds of london Ceo John Neal about difficulties for ensuring markets in this environment. That is all to come in the next two hours. Lets get back now to the u. S. Initial jobless claims coming in at 2. 9 8 million last week, topping initial estimates. That brings the total now to 36. 5 million since the coronavirus pandemic began shutting down businesses midmarch. Lets get to our guest, who also has a focus on latin america. We are speaking with catherine rivera, bulltick with kathryn ofney ver
Yields have been falling all year. The 10year gilts down five basis point the 10 year yield down five basis points. That tells us bonds are falling. The overall context has a risk off tone. When we bring the again into the picture, the yen is down. We have mixed messages. It will be right down to the wire. Weve been talking about the range for the s p 500. The level a lot of traders are looking at, 2775. That was breached. Both are holding right now. Lets see what the day brings. Vonnie when you talk about david when you talk about beatendown sectors, you have to talk about energy. Energy is getting a break. Abigail that caught my eye. Right now we have two sectors higher, the banks and energy. Energy is the worst sector on the year and a huge bear market. The worst year ever on record, but getting a little bit of a bid. Some are saying the reason we have a bounce overall was an unconfirmed rumor President Trump is open to the idea of a fourth stimulus bill around the coronavirus. That
Chart for the markets. Obviously we would start there, thats what dan nathan is calling this stock so dan, why dont you walk us through what this is and why its so important to investors lets talk about jm porgen. This is a best of breed bankheading into the crisis. The stock was trading at an all time high. There were a lot of investors out there in january signaling this is a chart representative of the economy that were in, prepandemic, i just have to tell you, this thing has acted pretty horrible on the way down, its down 35 on the year, and that is relative to the s p 500, down less than 10 on the year. The balance off the lows in march was fairly anemic relative to the s p 500 whats important is that investors seem to be focused on the stocks that got us here prepandemic. We know that it was the maga, the microsoft, apple, google and amazon its the bank stocks that are important to look at here. They touch parts of the economy that are going to struggle over the next few quarters
Alltime high. Another Federal Reserve official says he sees growth returning in the second half of 2020 and no need for negative Interest Rates. With lots to come on todays show, well speak with mylans ceo. Well discuss the companys outlook for the rest of the year and whether its seeing a trend of customers stockpiling medicines. And the ceo of Ortho Clinical Diagnostics will join us at the moment we are up 0. 4 on the s p 500. Before we continue, just got to comment, new braackdrop, i love it did you do this by yourself . No, i had some help by the amazing technical staff at cnbc. I think people were sick of looking at my old School Parking meter. Its a great balance between home and work. Cnbc, always with me. Exactly the s p 500 is up about 0. 4 nasdaq up 1. 25, dow is flat. Lets get to the markets as stocks are climbing back from sizable losses at the open all four indices just turned green. Mike santoli joins us with more on todays action. Hi, mike in fact, kind of an extreme exa