Economists were expecting 2. 5 . Recent gdp was also lowered. You can see red across the board with the s p followin falling. The nasdaq down. 8 . Not only the gdp reports weighing on stocks, but you have social media dragging the market with twitter yesterday and facebook today. Olivia nobody likes how much money Mark Zuckerberg is spending. Matt his employees like it. Olivia probably. Heres whats happening on the treasury market. The short end off the yield on the 2year note up i two basis points. Note, little bit of money flowing into that, so yields coming down. Stronger off the back of 2. 3 growth in the Second Quarter. The dollar Index Trading around a fourmonth high. Top stories crossing the bloomberg terminal at this hour the u. S. Economy picking up pace in the Second Quarter, gdp , slightly less than what economists were looking for. The Commerce Department revised the firstquarter figure upward. Grew by out the economy. 6 in the first three months of the year, but it cannot
Time hour. Came out 20 minutes earlier than anticipated. It showed no clear sign of whether the fed would hike rates in september. We have Steve Liesman standing by to break down that data for us coming up. You know, i was going to say, these are two sides of the same coin in a way. Speaking of breaking down, take a look at oil, its down more than 4 today, its trading below 41 a barrel. Were watching to see if it punches through that 40 mark. Look how close it is right now. 40. 62. And the september wti contract, down almost 5 on the session. Again, were looking at lows since march of 2009. Weve got a top commodities trader to discuss whether a floor is in sight. And, of course, all of this feeds into what will the fed do . What is inflation going to do in this country . Always interrelated. Thats for sure. Meantime, 1 trillion, thats how much money has come out of emerging markets over the last 13 months. Were going to discuss whether you should be following that herd or maybe take a
Announce the charges in florida case with us for the hour today, joe terranova, stephanie link, josh brown and jon najarian and also gentleman gentleman theirian the nasdaqs skid would be a troubling sign it is the worst stretch in some ten months josh, im wondering what you make of what is happening with the fangs. Thank god im back. No one is talk lick wquidations today. These stocks are allowed to go down 10 it is not the end of the world and in fact i would actually say look at how well the market holds up in the face of the most popular hottest stocks in the market doing poorly. This is a positive not a negative so lets think about it. Apple down 9. 6 . The russell doesnt move the russell is up 6 this month. This is a good sign. You have an oil rebound, you have the itb, builders making new alltime highs as im talking. You have the transports within pennies of a new alltime high this is a positive, not a negative let these stocks correct they are up very, very big and at the end o
Doc, we go to november weve got two months where do you want to play ball for the last two months . I think you stick with the one that bring you, judge. In this case its technology thats where i want to be right now. Its where i am. Do i like a certain amount of material stocks right here as well, but i really like technology, and when this tax bill ultimately does pass, as i believe it will, and they are even talking about a bipartisan passing in the senate, if indeed that occurs, i think you get a significant boost from here. Okay. So on that note, why dont we take a check of where we are, right . We know that technology has had a great run to date. The tech sector is up 36 year to date. Bank of america with a note wondering if its too crowded. Its super crowded, they say is this still the place, steve, to be . I think it is. Dance with who brung you, as doc says. I think it is, and, you know, crowded is always a term i question because there are those many shares outstanding that e
Straight tos get stories, these arrests in saudi arabia. What we have his shocking news out of the kingdom. Chart 9472,off with stories not situation normal. Profilest of high individuals. Of. 3 . Gain the chart showing the situation allnything but normal below coverages. Kingdom holdings is the company who wasg to the prince taken into custody. He is the worlds 50th richest man. That stock was down as much as 8 . People looking very closely at the situation there. We will continue looking closely and the implications or investors as we look ahead to this aramco listing. One of our analysts that we spoke to pointing out the domestic perception of what this is is different to the international reactions. We will big deeper into that story. The markets are waking up to a brandnew week. Some pentup demand having been away on friday. Sophie after that three day weekend, japanese stocks mixed to start for the region after u. S. Stocks capped the longest streak of gains since 2013. Earnings